The mixed-use redevelopment will include 370,000 square feet of office space, 173 high quality apartments and 72,000 sq ft retail space around the perimeter and centre of the site. There will be a new pedestrian route through the site and new private amenity space for the future residents of the building. Rennie Court, an apartment block which is connected to the tower, will also have improved entrances and an improved podium garden.
The funding now secured comes from a consortium of Middle Eastern financial institutions led by ABC International Bank and Saudi-based Mohamed Al Subeaei & Sons Investment Company
"This development represents a major step in the regeneration of the South Bank. We are delighted to have worked with funders from the Middle East to get this project to the point where we are ready to start on site," said CIT managing director of development George Kyriacou.
"Acquiring Kings Reach Tower back in 2010 and developing the tower demonstrates our belief in the London real estate market and in the investment opportunity it represents to us," said Jadwa managing director Ahmed Al-Khateeb.
The existing tower has been empty since 2007. CIT Group gained planning permission for the redevelopment from London Borough of Southwark in October 2011. Architect Kohn Pedersen Fox has designed the plans for the scheme.
Work on the project is expected to start later this year, with flats being put up for sale next year. The joint venture partners expect the scheme to be completed by the end of 2015.