The Gherkin
City of London
St Mary Axe, City of London
Prime office
£600m (4.5% yield)
£726m (3.7% yield)
Evans Randall acquired this world famous City of London building for £600 million in 2007 in a 50/50 joint venture with IVG, who at the time were Germany’s largest listed real estate investor and fund manager.

Anchored by Swiss Re, but let to twenty tenants in total, the building provides over 500,000 sq.ft. of prime multi-let office space. Focused asset management ensured the building consistently achieved top rents throughout a very challenging occupier market. 

In 2014 and following IVG’s corporate insolvency in Germany, the financing on IVG’s part of the joint venture ultimately led to a receiver being appointed. Although Evans Randall secured all the necessary equity and financing to take 100% ownership of the asset, the building was sold and achieved a market leading sale price of £726 million.