London 'Gherkin' Sold to Insurance Giant
Posted on: 17/11/2014

It was announced last week that the Gherkin, the second tallest tower in the City of London, has been sold to investment giant ‘Safra Group’.

The curved tower, designed by Sir Norman Foster, was completed back in 2004 for the purpose of insurance group Swiss Re; who went on to sell the building in 2006 for £600m, taking advantage of the property boom occurring at the time. The purchase was picked up by Germany’s IVG Immobilien and British bank Evans & Randall who decided to join together to make the bid for the iconic building.

Following the acquisition of the building, IVG Immobilien began to experience money worries, and despite offers from Evans & Randall to take a bigger share in the building, the German company were placed in insolvency forcing them to sell. Savills and Deloitte real estate were appointed to take charge of the sale back in July, with expectations that the sale would be fully completed by late September. Whilst the sale has taken longer to achieve than had been expected, this was certainly not due to a lack of interest. Over 200 parties displayed a liking to the tower, but the bid was secured by Brazilian Billionaire Joseph Safra for the generous price of £726 million (£76 million more than was originally expected).

This sale has pushed the value of London’s current skyline up to a value of more than £7.3billion, based upon valuations of buildings including the London Eye, The Shard, Canary Wharf and the Cheese grater. Whilst the 41-storey tower at 30 St Mary Axe has only been standing for a decade, but has quickly become a truly integrated part of the London skyline, and Joseph Safra has claimed he will do all he can to contribute to its continued success now that it is in his possession.

At Blueprint we are always looking for people to get involved in iconic construction projects, if you are interested in such opportunities please give us a call on 02392 603030 to have a chat in confidence.

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