AXA Real Estate plans to join up with developer Lipton Rogers and an unnamed Asian investor to buy the site of the stalled Pinnacle development in the City of London from a consortium of Middle Eastern investors.
The group will pay around £300m for the site. Sources with knowledge of the matter say an announcement is likely within 24 hours.
AXA will demolish the existing building work done on the Pinnacle’s core, and will replace it with a £1b scheme named 22 Bishopsgate and designed by architects PLP. At 60 storeys the building would be the biggest in the City by number of floors.
