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Property pickle: London's Gherkin skyscraper goes on sale


Property pickle: London's Gherkin skyscraper goes on sale


One of the most famous shapes on the London skyline is up for sale.

The iconic office building known as the Gherkin is expected to fetch 600 to 650 million pounds (757 million to 820 million euros), that is not much more than the current co-owners – a German and a British firm – paid for it in 2007.

The sale comes after they failed to agree a deal on debt.

The 40-storey high landmark tower was placed into receivership in April by its creditors.

The receivers say the building has plenty of tenants and the problems involve the debts of one of the owners – Germany property firm IVG Immobilien – which have been increased by adverse interest rate and currency movements.

The skyscraper, with a distinctive curved glass shape which led to the Gherkin nickname, was built by reinsurer Swiss Re in 2004.

It was sold to IVG and London-based investment banking and private equity group Evans Randall in 2007.

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