IVG Immobilien’s Gherkin tower in London has been sold six months after being put into receivership with Deloitte.

Media reports suggest the asset was sold to Brazilian group Safra for more than £700m (€890m).

Safra said it would look to improve the asset and make it more desirable through active ownership.

Savills and Deloitte Real Estate marketed the 505,000sqft office tower for IVG, which called in receivers in April this year as part of the German company’s restructuring plan. 

Its loan-to-value ratio had risen above 90% and well above its 67% LTV covenant.

IVG’s tranche of the loan, in Swiss francs, had appreciated against sterling by more than 60%. 

IVG had a 50% stake in the 30 St Mary Axe property, held in the Euroselect 14 fund, with Evans Randall as equal partner.

The joint venture paid £630m in 2007 for the 41-storey building, using £400m of debt.

Designed by Lord Foster, the 40-storey skyscraper is multi-let to around 20 tenants including Swiss Re and ION Trading.