Private investment bank Evans Randall has teamed up with German fund manager IVG Asticus to buy a 50% stake in insurer Swiss Re's Gherkin headquarters, located in the centre of London's financial district, for EUR 906 mln.
Private investment bank Evans Randall has teamed up with German fund manager IVG Asticus to buy a 50% stake in insurer Swiss Re's Gherkin headquarters, located in the centre of London's financial district, for EUR 906 mln.
The sale-and-leaseback deal of this 34-storey landmark building at 30 St Mary Axe is estimated to be the largest office purchase ever in the UK, Property Week reported. The 50/50 joint venture was set up to distribute the cost of the investments, as both investors were keen to acquire the prominent building but still reluctant to invest so much money on a single asset.
The deal is expected to be completed next week. Global consultant CBRE acted as advisor for Evans Randall, while Knight Frank advised IVG. DTZ was Swiss Re's property advisor in this transaction.
