By Jonathan Davies

The iconic Gherkin building has been bought by the Brazilian banking giant owned by Brazil's second-richest man.

The Safra Group, the Brazilian banking giant owned by Joseph Safra, will pay £700m of the London landmark.

The Gherkin was placed into receivership with Deloitte after one of its owners, German company IVG, fell into administration.

Deloitte is understood to have received around 200 enquiries about the purchase of the building. But the Safra Group will acquire the 590ft tower.

“While only ten years old, this building is already a London icon that is distinguished from others in the market, with excellent value growth potential,” Safra Group said in a statement.

Joseph Safra has an estimated worth of around $12.2bn (£7.7bn), according to the Bloomberg Billionaires Index.

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