A court in Bonn has cleared four former directors of IVG after the property company tried to sue them over the acquistion of the Gherkin in London in 2007.
The four former directors, Bernd Kottmann, Andreas Barth, Wolf Leichnitz and Georg Reul were being sued by IVG for €13.5 mln in damages. The Bonn Regional Court dismissed the action, although IVG can still go to appeal.
IVG and Evans Randall purchased the former Swiss RE tower at 30 St Mary Axe for a record £600 mln in 2007, after Swiss RE built the tower for an estimated £350 mln.
IVG's supervisory board approved the deal, but said the board subsequently changed the financing structure.
The Gherkin went into receivership and was sold to a Brazilian billionaire for a reported £700 mln in November 2014.
News emerged this week that IVG plans to to list its German office arm, Officefirst Immobilien - which holds assets worth more than €3.24 bn - by the end of the year.
IVG spun off its office portfolio into a stand-alone entity in June. Officefirst currently comprises 97 properties in Frankfurt, Munich, Berlin, Hamburg and Stuttgart.
