Evans Randall, the Mayfair-based investment firm, and German bank IVG Immobilien have confirmed their acquisition of Swiss Re’s London headquarters at 30 St Mary Axe for £630m.

Evans Randall, the Mayfair-based investment firm, and German bank IVG Immobilien have confirmed their acquisition of Swiss Re’s London headquarters at 30 St Mary Axe for £630m.

The pair has bought the City of London building, known as the Gherkin, in a 50:50 joint venture. The price reflects a yield of 4.5%.

Evans Randall will offer around 50% of the building to private and institutional investors through a special purpose vehicle.

IVG also intends to place around 50% with private investors through a closed-ended real estate fund in the IVG EuroSelect series. IVG and Evans Randall will act as co-investors, placing part of their respective shareholdings with investor clients.

The 500,000 sq ft (46,451 sq m) tower was designed by Foster & Partners and completed in 2004. It is let to several tenants and half of the space is let to Swiss Re until at least 2031.

Michael Evans, chairman and chief executive of Evans Randall, said: ‘This acquisition fits perfectly with Evans Randall’s strategy to acquire trophy buildings let to strong tenants in Europe’s main financial centres.

‘It complements our £2bn portfolio, which also includes the Financial Services Authority’s headquarters at Canary Wharf, ABN Amro’s UK headquarters at 250 Bishopsgate, the HBOS offices at 33 Old Broad Street and ING’s headquarters in the Hague, Holland.’

CB Richard Ellis represented Evans Randall; CB Richard Ellis and Knight Frank advised IVG Immobilien; DTZ and Eurohypo advised Swiss Re. The building will be managed by IVG Immobilien’s London subsidiary.