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London's Gherkin tower goes into receivership
London's iconic Gherkin tower goes into receivership after defaults
Associated Press
2014-04-24 11:22 PM

LONDON (AP) -- Accountancy firm Deloitte LLP says it has been appointed receiver of one of London's most iconic buildings, the Gherkin.

The high-rise office tower in London's financial district is co-owned by Germany's IVG Immobilien AG, which went into bankruptcy protection last year.

Deloitte said Thursday that the building had run into difficulties due to its "complex, multicurrency capital structure."

Deloitte's Neville Kahn said "lenders were reluctant to appoint a receiver but felt they had no choice due to the ongoing defaults."

Kahn said the receivers' aim was to preserve the value of a "truly exceptional building" and to ensure there would be no interruption of services to tenants.

The tower, nicknamed the Gherkin for its distinctive pickle-like shape, houses offices of insurance company Swiss Re.

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