The Real Deal New York

Safra Group to pay $1.2B for London’s famed Gherkin tower

Joseph Safra is the brother of recently deceased Moise Safra, part owner of the GM building
November 10, 2014 02:30PM

Joseph Safra, Brazil’s second wealthiest man and the owner of Banco Safra, is buying the iconic Gherkin skyscraper in London.

Safra Group will pay about $1.2 billion (or 726 million pounds), according to Bloomberg News. Safra is the brother of the recently deceased part-owner of the GM Building Moise Safra. Earlier this year, the Joseph Safra family purchased a $26 million Soho property.

The Gherkin is located in London’s financial district, where rents are expected to climb 5.3 percent over the coming years, according to real estate services provider Savills Plc, the news outlet reported. Other overseas investors who are buying up London properties include Qatar Investment Authority, Brookfield Property Partners LP and Singapore’s GIC Pte Ltd.

The Gherkin tower — located at 30 St. Mary Axe — has become one of London’s most recognizable landmarks. When it opened about a decade ago it was one of the first skyscrapers in the city.[Bloomberg News] — Claire Moses