Gherkin nears £640m sale

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Savills and Deloitte Real Estate are expected to be appointed to sell the Gherkin skyscraper in the City of London for more than £640m.

In April, receivers at Deloitte were appointed to the building – officially known as 30 St Mary Axe - citing five years of technical defaults on the loan as the reason for their appointment.

The Gherkin is jointly owned by Evans Randall and IVG, which bought the building in 2006 for £630m.

Joint owner Evans Randall said at the time the receivership was largely due to the IVG stake being denominated in Swiss francs, which has fluctuated in value.

The building was bought using a £396m loan from a consortium of five banks led by Bayerische Landesbank.

Julian Stocks, the partner at Deloitte Real Estate who is responsible for the asset management and sales strategy for the building, said: “I can’t comment on any appointment of sales agents yet but following the appointment of receivers in April due to the uncured defaults for over five years we have been reviewing the asset in detail and are now ready to move forward with the sales process.

“It is one of London’s landmark buildings and is fully let to a variety of first class occupiers. This iconic building is significantly reversionary and there are a number of interesting asset management opportunities for a future owner to consider.”

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