Swiss Re sells 30 St Mary Axe for GBP 600 million to IVG Immobilien AG; Swiss Re to remain principal tenant
05 February 2007, Zurich
Swiss Re has agreed to sell its London office building, 30 St Mary Axe to an affiliate of the real-estate corporation IVG Immobilien AG for GBP 600 million. The transaction is expected to close in February 2007.
A number of potential investors showed significant interest in 30 St Mary Axe. Swiss Re decided on IVG Immobilien AG due to its excellent track record in managing properties, a key factor given that Swiss Re will continue to occupy the building as its principal tenant.
Jacques Aigrain, Chief Executive Officer of Swiss Re says: "Swiss Re is very proud to have built what has become a popular landmark in the City of London. It is an innovative working space, with sound environmental considerations at the heart of its design. In IVG Immobilien AG we have found a future owner who will maintain and preserve the superior quality of this outstanding property."
30 St Mary Axe, a 41-storey office building in the City of London, was commissioned by Swiss Re and designed by Foster and Partners. Since its opening in late 2003 it has become an iconic landmark on London's skyline, and has received numerous prestigious awards.
Notes to editors
Swiss Re is the world's leading and most diversified global reinsurer. The company operates through offices in over 30 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard & Poor's, "Aa2" by Moody's and "A+" by A.M. Best.
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