London’s “Gherkin” office tower, a landmark on the British capital’s skyline, has been sold to Safra Group, the investment giant owned by the Brazilian banker Joseph Safra.
The building, officially known as 30 St Mary Axe, was put up for sale in July for about £650 million (Dh3.79 billion) after the German property firm IVG Immobilien struggled with debts linked to its own purchase of the building in 2007.
The new purchase price was not disclosed yesterday, although the Financial Times reported it had been sold for £726m, citing sources.
IVG had bought it from the insurance group Swiss Re for £600m just before the global financial crisis.
“The acquisition of 30 St Mary Axe is consistent with our real estate strategy of investing in properties that are truly special — at the best locations within great cities,” Safra Group said in a statement.
“While only 10 years old, this building is already a London icon that is distinguished from others in the market, with excellent value growth potential.”
Standing at 180 metres, the office building looks like a glass gherkin, rising out of the City of London financial district.
The building has featured in a number of films including Harry Potter and the Half-Blood Prince and Woody Allen's drama Match Point.
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Duminy's Test career in numbers
Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
