Sunday 25 March 2018

City of London's Gherkin on sale for over £640m

The Gherkin skyscraper
The Gherkin skyscraper
The Gherkin forecourt is host to an unusual art installation
London's Gherkin

The Gherkin skyscraper in the City of London has been put up for sale and the landmark building is expected to attract interest from around the world, joint agents Savills and Deloitte Real Estate said today.

The 40-storey office tower is being sold by receivers after one of its joint owners, Germany's IVG Immobilien (IVGG.F), filed for insolvency last year.

Co-owner Evans Randall said in April it was ready to invest further, but was unable to agree a new financial structure with IVG.

Agents said the building, whose distinctive curved profile has been a feature of London's skyline for a decade, could fetch in excess of £640m pounds (€820m).

Jamie Olley, Head of City Investment at Deloitte Real Estate, called the Gherkin "the most iconic office tower in the City's skyline", adding: "We are confident of maximising returns for the receivers and creditors."

Designed by architect Norman Foster and located at 30 St Mary Axe in the City of London financial district, the tower houses about 20 firms, including reinsurer Swiss Re


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