Fri, 25 Apr 2014 | ADMINISTRATION
The London skyscraper at 30 St Mary Axe, commonly known as the Gherkin, has been placed into receivership and is set to go on the market for £550 million.
The familiar conical, curved glass building was completed just 10 years ago and is 99 per cent leased out to companies including its former owner Swiss Re, and Sky News. It is understood that the tenancies won’t be affected by the receivership.
It is expected to attract offers exceeding £550 million from Middle East sovereign wealth funds with a taste for London commercial buildings, and other possible buyers when it goes on the market.
Deloitte was brought in as the receivers, and say the Gherkin’s co-owners – a London-based investment bank and German property company IVG Immobillien – had encountered difficulties relating to currency, and not connected with the property market as may have been expected.
Speaking to The Guardian, Deloitte receiver Phil Bowers explained: “This is a building in trophy condition whose space is 99 per cent leased. The multi-currency deal that financed the Gherkin has been affected by the substantial appreciation of the Swiss franc against the pound.”
James Roberts of Knight Frank, predicts that Deloitte won’t have any trouble identifying a new buyer for the Gherkin. Particularly in light of the central London economy picking up, which is usually closely followed by the commercial property sector.
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