City of London’s iconic building the Gherkin, sold to Brazilian billionaire

The Gherkin, otherwise known as 30 St Mary Axe, has been sold to The Safra Group, controlled by Brazilian billionaire Joseph Safra. Although the financial terms of the deal agreed with Deloitte, the receiver for the London property were not disclosed, it is reportedly to be around £700m. Designed by Norman Foster, the 180-metre office tower encompasses approximately 50,000 square meters of office space and  is the second-tallest building in the City of London. It was completed in 2004 for Swiss Re, which still occupies half the space, along with law firm Kirkland & Ellis. Safra Group said that the acquisition: “Is consistent with our real estate strategy of investing in properties that are truly special – at the best locations within great cities. While only ten years old, this building is already a London icon that is distinguished from others in the market, with excellent value growth potential. 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.”