Canary Wharf Group this week pledged to build another £1.5bn of property in London Docklands.

The group promised to press on with plans to build the remaining one-third of the original Canary Wharf scheme as it unveiled plans to raise at least £500m through a stock market flotation.

Much of the money will go towards paying the development's debt, including helping to pay the group's share of the bill for the Jubilee Line Extension.

But Canary Wharf chief executive George Iacobescu said money would also be earmarked for further development over the next five to seven years. Canary Wharf wants to complete the final third of the original scheme by 2006 at the latest.

The plan includes construction of the last of three towers at Canary Wharf designed by American architect Cesar Pelli. Citibank and Salomon Smith Barney are expected to pre-let the new 42-storey tower, which will be linked by walkways to the Foster and Partners-designed 17-storey office currently under construction.