Construction News

11/11/2014

Brazilian Billionaire Buys The Gherkin

A Brazilian billionaire has reportedly bought the Gherkin, one of central London's most distinctive buildings.

Completed in 2004 for insurance firm Swiss Re, the tower, officially known by its street address of 30 St Mary Axe, was sold for £600m in 2006 to a group of buyers. However they have been in default on £395m they borrowed to make the purchase ever since.

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Savills and Deloitte Real Estate were appointed earlier this year to sell the tower and Joseph Safra has reportedly paid £700m for the building.

The Safra Group said: "The acquisition of 30 St Mary Axe is consistent with our real estate strategy of investing in properties that are truly special - at the best locations within great cities.

"We intend to make the building even better and more desirable through active ownership that will lead to a range of enhancements that will benefit tenants."

(MH/IT)

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