Brazilian billionaire buys London's Gherkin

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Brazilian billionaire buys London's Gherkin

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London’s Norman Foster designed building, the Gherkin, has been sold to a Brazilian billionaire.

Joseph Safra picked up the distinctive structure for 891 million euros.

The sellers, German IVG Immobilian and Evans Randell, a UK private equity group, had been in default on the cash borrowed to purchase the award winning building for the past five years.

The Gherkin is officially known as 30 St Mary Axe, but its unique shape led to it being unofficially named after the pickled cucumber.

The Joseph Safra group has global banking interests and manages $200 bn worth of assets.