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London’s Most Iconic Modern Landmark Open to Offers

Industry Insight July 30th, 2014
London’s Most Iconic Modern Landmark Open to Offers

Earlier this month, estate agents Savills and Deloitte Real Estate were appointed to sell the Gherkin, one of London’s most iconic skyscrapers.

The Gherkin fell into receivership earlier this year after one of its owners, IVG Immobilien of Germany, filed for insolvency in 2013. The 40 story office skyscraper was opened in 2004, and has been one of the Capital’s most recognisable buildings ever since.

IVG Immobilien, a German real estate company, along with Evans Randall, an investment bank based in London, bought the landmark from a Swiss reinsurance company in 2006, for a modest £600 million. Since then, the building has risen in value, with administrators hoping to receive bids of at least £640m.

“The Gherkin is the most iconic office tower in the City’s skyline; we are confident of maximising returns to the receivers and creditors” said Jamie Olley, Head of City Investment at Deloitte Real Estate.

The Gherkin is currently split into approximately 20 separate tenancies, one of which being International traders, ION Trading. Head of Central London Investment at Savills, Stephen Down, said there was ‘scope to increase rents at the Gherkin’, making it particularly attractive to foreign investors. Savills have already reported that a lot of interest is stemming for the Middle and Far East.

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