Qatar Investment Authority is accepting proposals for redevelopment.
London's Canary Wharf boasts dazzling designs. The world-famous financial hub is home office towers, which permeate the London skyline. Now, it has been reported that the HSBC Tower could be turned into a hotel with luxury apartments.
The Sunday Times reported that Qatar Investment Authority, the owners of HSBC Tower, are considering redesigning the development. Twenty architects have been asked to submit proposals about how to repurpose the building.
HSBC Tower, formerly known as 8 Canada Square, began construction in 1999 and opened in 2002. The building was designed by the British architecture firm Foster + Partners. Standing 656 feet high, it spans 45 floors and is the global headquarters of HSBC Holdings.
In 2013, HSBC Tower underwent renovations and welcomed new signage. The glass panels across all four sides were updated. Today, the sign includes a special LED enhancement, which means that it is illuminated white during the night.
Qatar Investment Authority, also known as QIA, was established in 2005. The aim of the company is to protect and grow Qatar’s financial assets, and help diversify the country’s economy.
Mr Masoor Bin Ebrahim Al Mahmoud, Chief Executive Officer of QIA, explained: "In a world of accelerating change, QIA is a long-term investor, focused on delivering sustainable returns. Our vision is to ensure the prosperity of future generations of Qataris, enabling our people and companies to thrive.
“At the same time, we endeavour to be a world-class investment institution and a positive force for good in the global economy. Today, QIA’s portfolio is in a strong position to continue to grow, to prosper and to help us deliver on our mission."
London’s HSBC Tower isn't the only building in the capital being converted into a hotel. We recently reported that the historic BT Tower has been sold to MCR Hotels for £275 million and will be converted into an upmarket hotel.
Check in with FACT for the latest news in London.
GO: Visit www.qia.qa for more information.