RUL­ING FAM­ILY KEEN ON GHERKIN TOWER?

Qatar Today - - BUSINESS > REALTY CHECK -

Qatar's rul­ing Al Thani fam­ily is re­port­edly in talks to buy London's Gherkin tower and a mas­sive Frankfurt Air­port of­fice com­plex for a com­bined $2.05 bil­lion (QR7.46 bil­lion).

The prop­er­ties are owned by in­sol­vent Ger­man company IVG Im­mo­bilien AG (IVG), which is seek­ing to sell off eq­uity to pay down $4.2 bil­lion (QR15.28 bil­lion) worth of debt ac­cu­mu­lated dur­ing a mas­sive ex­pan­sion.

The Frankfurt of­fice block, The Squaire, has a price tag of $1.1 bil­lion (QR4 bil­lion), while the Gherkin is worth $939 mil­lion (QR3.417 bil­lion), ac­cord­ing to Prop­erty In­vestor Europe mag­a­zine.

The 40-storey Gherkin sky­scraper was put up for sale last week, with the land­mark build­ing ex­pected to at­tract in­ter­est from around the world, joint agents Sav­ills and Deloitte Real Es­tate said.

Co-owner Evans Ran­dall said in April it was ready to invest fur­ther, but was un­able to agree a new fi­nan­cial struc­ture with IVG.

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