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London’s Iconic Gherkin Building Bought for £700m

10/11/2014

One of the most defining elements of the City of London skyline, The Gherkin (unfortunately not one of the tasty morsels shown above), has been sold to Brazil’s second richest man, Joseph Safra.

London’s Iconic Gherkin Building Bought for £700m

The ten-year-old office tower, which stands at 590 feet, has been acquired by the Brazilian Banking Group, Safra Group for over £700m.

Previous co-owners, reinsurer Swiss Re, have been in default for the last five years on the £395m they borrowed from a consortium of German banks to buy The Gherkin back in 2006. They acquired the building for £600m.

The building has drummed up more than 200 enquiries since it was put on the market in July earlier this year. It is estimated that Mr Safra has an estimated net worth of $12.2bn.

By Jos Weale, Editor, AllAboutFinanceCareers.com