IVG Immobilien鈥檚 ongoing restructuring plan has taken another twist with the appointment of Deloitte as receiver on its Gherkin office tower in London.

With its loan-to-value ratio having risen above 90% and well above its 67% LTV covenant, the property was put into administration yesterday. IVG鈥檚 tranche of the loan is in Swiss francs, which has appreciated against sterling by more than 60%.

IVG has a 50% stake in the property, held in the Euroselect 14 fund, with Evans Randall as equal partner. The joint venture paid 拢630m (鈧�765m) for the 41-storey building in 2007, using 拢400m of debt.

In a statement, Evans Randall said it had equity 鈥渞eady to invest鈥�, but was unable to do so due to uncertainties surrounding IVG鈥檚 future.

Last month, IVG Immobilien鈥檚 creditors and shareholders approved an insolvency plan for the company. The plan includes a debt for equity swap 鈥� taking IVG off the stock market.

In total, the company has 鈧�3.2bn in debt to restructure. An insolvency ratio of at least 60% must be paid to non-subordinated unsecured creditors. If granted court approval, implementation of the capital measures could then begin, with insolvency proceedings lifted by year-end.

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