City of London’s Gherkin tower put up for sale

LONDON: 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 plc and Deloitte Real Estate said on Tuesday.

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

Co-owner Evans Randall said in April it was ready to invest further, but was unable to agree on 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 £640 million (RM3.45 billion).

Jamie Olley, Deloitte’s head of city investment, called the Gherkin “the most iconic office tower in the city’s skyline”, adding: “We are confident of maximising returns to the receivers and creditors.”

Designed by architect Norman Foster and located at No 30, St Mary Axe in London’s financial district, the tower houses about 20 firms, including reinsurer Swiss Reinsurance Co Ltd. — Reuters

This article first appeared in The Edge Financial Daily, on August 1, 2014.


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