Russian developer Mirax has purchased a 50% stake in a mixed-use tower project on London's South Bank from UK peer Beetham Organization for around £60mln. Mirax, which already has a presence in London via projects such as the redevelopment of the 19 century Cornwall Terrace, will join forces with the UK firm to build the 52-storey Blackfriars skyscraper in the city. In a statement, Mirax said that the development costs for the project are estimated to be at around £500mln, while the market value of the tower on completion in 2011 will be around £1bn.
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