Gherkin owners in legal row with adviser Deutsche Bank

Marion Dakers
THE GHERKIN skyscraper has been caught up in a legal battle between some of its owners and Deutsche Bank.

Investors in the Euroselect 14 fund, which bought half of the tower at 30 St Mary Axe in 2007, are reportedly considering legal action against Deutsche Bank, which acted as joint distributing agent for the fund.

One private investor recovered his full £65,000 investment in the German courts in October, after claiming Deutsche Bank withheld information about its fee payments from IVG, which manages Euroselect 14.

Up to ten fellow investors have spoken to law firm CLLB about launching a fresh lawsuit linked to the £600m tower, a Sunday newspaper reported yesterday.

Euroselect 14 and investment bank Evans Randall, which owns the other 50 per cent stake in the building, secured around £396m of senior debt on the tower, which is due for restructuring early next year.

A spokesperson Deutsche Bank said October’s lawsuit was an isolated case. She added that no other investors had been in touch.

CLLB was not available for comment yesterday.