Published: 02/05/2014
The Gherkin, voted London’s favourite tower, has been put into receivership 10 years after its completion helped transform the capital’s skyline.
The 41-storey City landmark is likely to be put up for sale shortly and is expected to attract offers of more than £550m from Middle East sovereign wealth funds and other potential buyers.
In 2013 commercial property investment in the UK hit £53bn – mostly deals in London and the south-east – which was the highest since the financial crisis of 2008. But there were also warnings last night about the likelihood of the Gherkin’s financing problems not being the last.