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One of London’s most iconic buildings, 30 St Mary Axe, or The Gherkin as it is more commonly known, has been sold to Brazilian investment group, Safra. The fee is believed to be in the region of £700m+ and highlights the ever diversifying nationalities that are being attracted to London; such a landmark property was always going to attract a multitude of investor types and nationalities and only strengthens the concept of London being a magnate for savvy, trophy asset hungry overseas investors. This is Safra’s first acquisition of space in the London market, and with over 200 potential suitors lined up to acquire The Gherkin, Safra’s acquisition highlights the ever changing role of investor types available and the demand that prime London assets attract.
Oliver Salter, Surveyor at Morgan Pryce, says the acquisition of The Gherkin by the Safra Group shows the pull factor of London as an investment opportunity,
“This latest large investment acquisition from an overseas investor really shows the strength of London as an investment location. Whilst we are accustomed to seeing international real estate funds, REITS etc buying up prime London assets, the latest acquisition from Safra shows that investors who historically haven’t been players in a certain market are able to still actively influence situations through outright wealth. London is the place to invest and every type of investor wants to be a part of it.”
With the acquisition 21% higher than the original £600m paid for in the height of the previous property boom, London is certainly a market for the serious investor.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.