Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

London's iconic Gherkin tower goes into receivership after defaults

FILE - In this Monday April 10, 2006 file photo, a view from Nelson's Column shows the Gherkin building over central London's skyline. Accountancy firm Deloitte LLP says Thursday, April 24, 2014 it has been appointed receiver of one of London's most iconic buildings, the Gherkin. The high-rise office tower in London's financial district is co-owned by Germany's IVG Immobilien AG, which went into bankruptcy protection last year. Deloitte said Thursday that the building had run into difficulties due to its

Enlarge Image

FILE - In this Monday April 10, 2006 file photo, a view from Nelson's Column shows the Gherkin building over central London's skyline. Accountancy firm Deloitte LLP says Thursday, April 24, 2014 it has been appointed receiver of one of London's most iconic buildings, the Gherkin. The high-rise office tower in London's financial district is co-owned by Germany's IVG Immobilien AG, which went into bankruptcy protection last year. Deloitte said Thursday that the building had run into difficulties due to its "complex, multicurrency capital structure." The tower, nicknamed the Gherkin for its distinctive pickle-like shape, houses the headquarters of insurance company Swiss Re. (AP Photo/Kirsty Wigglesworth, file)

LONDON - Accountancy firm Deloitte LLP said Thursday it has been appointed receiver of one of London's most iconic buildings, the Gherkin.

The 41-story office tower in London's financial district is co-owned by Germany's IVG Immobilien AG, which went into bankruptcy protection last year.

Deloitte said Thursday that the building had run into difficulties due to its "complex, multicurrency capital structure." Its debt burden has risen through having a loan partly in Swiss francs, whose value has risen substantially against the pound in recent years.

IVG Immobilien bought the building for 600 million pounds in 2007, but has struggled with debts since the 2008 financial crisis.

Deloitte's Neville Kahn said "lenders were reluctant to appoint a receiver but felt they had no choice due to the ongoing defaults" since 2009.

Kahn said the receivers' aim was to preserve the value of a "truly exceptional building" and to ensure there would be no interruption of services to tenants.

The Norman Foster-designed tower, nicknamed the Gherkin for its distinctive pickle-like shape, houses offices of insurance company Swiss Re.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates