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Deloitte appointed Receivers to 30 St Mary Axe

24 April 2014

Phil Bowers and Neville Kahn of Deloitte have today been appointed Joint Fixed Charge Receivers of 30 St Mary Axe, London.

The building has been well leased since the initial default in 2009 and remains in trophy condition. The continuing defaults are due to the asset’s complex, multicurrency capital structure. Adverse interest rate and currency movements have caused the total senior liabilities secured by the property to increase materially since closing.

Neville Kahn, Joint Receiver and Restructuring Services Partner at Deloitte commented: “The Senior Lenders were reluctant to appoint a Receiver but felt they had no choice due to the ongoing defaults, which have remained uncured for over five years, and concerns that the Borrowers’ lack of equity in the transaction had caused their incentives to become misaligned with the Lenders’.”

Mr Kahn continued: “The Gherkin is a truly exceptional building, a landmark recognised around the globe. Our priority is to preserve the value of this asset. We are in the process of communicating with all tenants and working with the property manager to ensure the continuation of all property management services with no interruption to tenants.”

End

Notes to editors

Further background
IVG Immobilien AG, which controls the lead investor and asset manager, went into bankruptcy in 2013. IVG recently announced the sale of their Private Funds Management business to Deutsche Fonds Holding AG.

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

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