Swiss Re has agreed to sell its London office building, located at 30 St. Mary Axe, to an affiliate of the real-estate corporation IVG Immobilien AG for £600 million ($1.18 billion). The transaction is expected to close this month.
Swiss Re said that “a number of potential investors showed significant interest in 30 St Mary Axe,” which is popularly known as “the gherkin (pickle) because of its unique shape and green tinted glass facade. IVG Immobilien AG was selected “due to its excellent track record in managing properties,” said Swiss Re. The reinsurer will remain the building’s principal tenant.
CEO Jacques Aigrain commented: “Swiss Re is very proud to have built what has become a popular landmark in the City of London. It is an innovative working space, with sound environmental considerations at the heart of its design. In IVG Immobilien AG we have found a future owner who will maintain and preserve the superior quality of this outstanding property.”
30 St Mary Axe, a 41-storey office building in the City of London, was commissioned by Swiss Re and designed by Foster and Partners. Since its opening in late 2003 it has become an iconic landmark on London’s skyline, and has received numerous prestigious awards.
Topics Mergers & Acquisitions London Swiss Re
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