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Shard of Glass shareholder sells stake as Qataris move in

CLS Holdings, one of the three partners in the Shard of Glass skyscraper project at London Bridge, has sold its interest in the Shard and adjacent New London Bridge House for £30 million.

Southwark Towers
Scaffolding was erected around Southwark Towers, the planned site of the shard, last autumn
Shard of Glass

CLS's interest in the two properties adjacent to London Bridge Station was sold to Zijaj Limited at a price of 30 million which has been settled in cash.

According to trade magazine Property Week, Zijaj is believed to be a consortium of Qatari investors linked to bank QInvest.

"Much has been accomplished in bringing the London Bridge Quarter project to its current position," says Sten Mortstedt, executive chairman of CLS Holdings.

"We now look forward to the Shard being built and lighting up the skyline of London and we wish the new consortium every success in taking this project to fruition."

CLS was a one-third partner – along with Simon Halabi and Sellar Property Group – in the company proposing to build the 72-storey tower at London Bridge.

CLS also owned New London Bridge House at 25 London Bridge Street where it had received planning permission for an office building known variously as the Baby Shard or the Gem.

Zijaj is also expected to aqcuire Halabi's stake and part of Sellar's holding in the scheme.

The firm estimates that it has lost approximately 25 million since June 2007 through its involvement with the London Bridge Tower and the adjacent 25 London Bridge Street scheme.

The Shard project has been uncertain for some months, although preparatory works have begun on site around Southwark Towers.

Confirmed tenants for the skyscraper include Shangri-La Hotels and Transport for London.

Last September Mayor of London Ken Livingstone said that he believed that the Shard "will be for London what the Empire State Building is to New York".

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