IVG Immobilien’s ongoing restructuring plan has taken another twist with the appointment of Deloitte as receiver on its ‘Gherkin’ office tower in London.With the property’s loan-to-value ratio having risen above 90% and well above its 67% LTV covenant, it was put into administration last week.IVG’s 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 £630m (€765m) for the 41-storey building in 2007, using £400m of debt.In a statement, Evans Randall said it had equity “ready to invest” but was unable to do so due to uncertainties surrounding IVG’s future.Last month, IVG Immobilien’s creditors and shareholders approved an insolvency plan for the company that included a debt-for-equity swap – taking IVG off the stock market.In total, the company has €3.2bn in debt to restructure.An insolvency ratio of at least 60% must be paid to non-subordinated unsecured creditors.Pending court approval, implementation of the capital measures could then begin, with insolvency proceedings lifted by year-end.
Sizing Europe rolled back the years as the veteran won the Boylesports.com Champion Chase for a second time at Punchestown. There was drama down the back straight where the favourite Hidden Cyclone fell and hampered Module who was immediately pulled up. Owner Alan Potts told At The Races: “Fantastic. I could see him winning because there was nothing in that race that had beaten us. Somersby beat us once. We beat him the rest of the times. “Somersby obviously didn’t run the race he could, but Europe was back to his brilliant best.” When asked if Sizing Europe would now be retired after what was an emotional triumph, Potts answered: “Yes.” De Bromhead said: “He is just unbelievable, he was running away with Andrew. He was just loving it. I’m speechless. “He’s just won a Grade One and I don’t know what we will do, it (retirement) is up to Alan.” Pipe said of Ballynagour: “He ran an absolute blinder. It was a bit of an experiment dropping back to two miles but the ground helped him. “He’s never put two runs together in the past, let alone three, so it gives us lots of options for next year.” Sizing Europe was winning for the 21st time from 42 career starts, his first success under Rules coming in a bumper at Naas in 2006. Also top class over the smaller obstacles, he landed the Irish Champion Hurdle in 2008 by eight lengths from Hardy Eustace. As a novice chaser Sizing Europe claimed the Arkle at Cheltenham in 2010, beating Somersby, and returned the following year to lift the Queen Mother Champion Chase crown. The 12-year-old was always travelling well and looked to have lost none of his enthusiasm or talent as he repeated his 2012 success in this race, registering an eighth win at the highest level for his trainer Henry de Bromhead. Leading before the second-last fence under Andrew Lynch, Sizing Europe (7-1) kept on strongly to deny the David Pipe-trained Ballynagour by five and a half lengths, with Savello third. Press Association