SwissRe sells London 'gherkin' for 600 million pounds

LONDON (AFP) -

The reinsurer SwissRe says it is selling its landmark London office block, popularly known as the "gherkin," to a German real estate firm for 600 million pounds.
The price, the equivalent of 910 million euros or 1.17 billion dollars, will make it Britain's most expensive office block.

The twisting 41-storey skyscraper ends in a curved point, and its suggestive shape protruding above the London skyline has given rise to various nicknames such as "The Erotic Gherkin" and "The Towering Innuendo."

The block at 30 St Mary Axe in The City financial district is being sold to an affiliate of IVG Immobilien, SwissRe said the transaction is due to be completed this month.
Zurich-based SwissRe, one of the world's largest reinsurers, will stay on as principal tenant in the Norman Foster-designed building which first opened in late 2003.
"Swiss Re is very proud to have built what has become a popular landmark in the City of London," said chief executive Jacques Aigrain.

"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," Aigrain said.
SwissRe had first announced last September that it was mulling the sale of parts or the whole property.