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Sun 3 Aug 2014 11:59 AM

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Qatar royal family said to be bidding for the Gherkin

Speculation iconic London tower, Frankfurt Airport office complex are part of $2bn deal

Qatar royal family said to be bidding for the Gherkin

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.

The properties are owned by insolvent German company IVG Immobilien AG (IVG), which is seeking to sell off equity to pay down €3.2 billion ($4.2 billion) worth of debt accumulated during a massive expansion.

The Frankfurt office block, The Squaire, has a price tag of €850 million ($1.1 billion), while the Gherkin is worth €700 million ($939 million), 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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