Full funding is set be confirmed for the £1bn development later this month, according to reports

Funding for the £1bn tower in the City of London was required as there were previously only enough funds to get above ground level.

The development manager, Arab Investments is likely to confirm the details of the deal, which has the backing of its initial investors, Saudi Arabian private wealth management firm Sedco and Pramerica Real Estate Investors, in the next few weeks.

The deal is likely to include additional equity from the investors, which was needed to secure backing from a consortium of banks.

The development is one of the largest speculative schemes in the City and talks about pre-lets are thought to be ongoing, with fund manager Schroders and office space provider Regus among the first to secure space.

The tower will be among the tallest in London, at 288m, when it is completed and include more than 90,000 sq m of office space and 2,500 sq m of retail units on the ground floor.