The Gherkin skyscraper in London has been placed into receivership by its creditors after one of its owners, IVG Immobilien, was placed in insolvency.

Germany’s IVG Immobilien co-owns the Foster + Partners designed tower with private equity firm Evans Randall, which has said it is willing to acquire a larger stake in the building. However, the two companies have failed to come to an agreement, and Deloitte have been appointed as a receiver.

Deloitte blamed “adverse interest rate and currency movements” for the defaults on the Gherkin’s debts.

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