Business

Gherkin skyscraper in receivership after defaults

  • 24 April 2014
  • From the section Business
gherkin
Image caption The Gherkin is owned by Germany's IVG Immobilien and private equity firm Evans Randall

London's Gherkin skyscraper has been placed into receivership by its creditors after one of its owners was placed in insolvency.

Germany's IVG Immobilien, which co-owns the 40-storey Gherkin with private equity firm Evans Randall, filed for insolvency last year.

Evans Randall said it was willing to buy a bigger stake in the tower.

But it had been unable to agree a new ownership plan with IVG.

Deloitte has been appointed a receiver of 30 St Mary Axe, the building's more-formal title, it said on Thursday.

"Adverse interest rate and currency movements" added to the building's debt burden, said Deloitte, which led to defaults on the debts dating back to 2009.

The skyscraper, designed by Foster and Partners, was built by reinsurer Swiss Re in 2004 and was sold to IVG and Evans Randall in 2007 for £600m.

More on this story