BayernLB finances acquisition of The Gherkin in London (UK/DE)

As financing partner, BayernLB and its daughter company Real I.S. AG have secured the acquisition of the Class A office building 'The Gherkin' in London for IVG Immobilien AG and the investment banking group Evans Randall with a total investment volume of GBP 630 million (approximately €865 million). This makes it the largest sale of a single office building in Great Britain. The selling party was Swiss Re, who as main tenant occupies about 50% of the building with a contract of 25 years.

The 180-meter building offers approximately 47,035 m² of office space over 40 floors and work capacity for 4,000 persons. Other tenants include Allianz, Hypo Real Estate, Abbey Business Center and Kirkland and Ellis.

BayernLB takes over the Senior Debt Financing of GBP 396 million for several credit companies from IVG (GBP 198 million) and Evans Randall (GBP 198 million). Real I.S. AG has arranged a silent participation of GBP 30 million for one of its managed institutional funds.

Source: BayernLB

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