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Half-built tower complex frozen by Iceland bank collapse

PUBLISHED: 09:00 26 November 2008 | UPDATED: 13:49 05 October 2010

Aldgate East Tower... frozen half-way up by Iceland bank collapse

Aldgate East Tower... frozen half-way up by Iceland bank collapse

THE Icelandic banking crisis has left a half-built major City Fringe’ development in London’s East End with its future in the balance. Work has come to a halt on the 22-storey tower which had been going up in Whitechapel above Aldgate East Underground station—with only 11 storeys in place so far (pictured)

Gemma Collins

THE Icelandic banking crisis has left a half-built major City Fringe’ development in London’s East End with its future in the balance.

Work has come to a halt on the 22-storey tower which had been going up in Whitechapel above Aldgate East Underground station—with only 11 storeys in place so far (pictured).

Most of the funding for the £93 million complex in Whitechapel High Street came from the Icelandic bank Landsbanki which collapsed last month.

But it has emerged this week that the tower’s future being under threat could mean a string of showbiz investors—including Wayne Rooney—left out of pocket with their management company, Formation Group.

Formation—whose clients also include TV presenters Ant and Dec and footballers Richard Dunne and Jack Rodwell—has invested nearly £20m in the development due to be completed by August, 2011.

Now it may have to step in with more cash if the tower, which includes shops, offices and 217 flats, is to be completed on time.

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