£200 million for un built London skyscraper

A lot of us have bought "off plan" in our time but perhaps never on this scale.The building that will be the tallest in the City of London has changed hands for around £200m despite not yet being built. The Pinnacle building, also nicknamed the "Helter Skelter", has been sold by the German property investor Union, which is also funding development of Legal & General's headquarters, to a shariah-compliant investment firm.

Arab Investments, run by Khalid Affara, has raised financing to ensure the tower is built. Construction of the 288m-high (940ft) 60-storey skyscraper should start next year. Engineer Arup is overseeing the project. When it is complete in 2011, it will be higher than Tower 42 in Old Broad Street at 183m. If another building, the 306m London Bridge Tower, or the Shard of Glass, is built, that will be the tallest in London as a whole.