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(Bloomberg) — The London tower known as the Gherkin is being bought by the Safra Group, the banking empire controlled by billionaire Joseph Safra. The price is about 726 million pounds ($1.2 billion), a person with knowledge of the deal said.

The Safra Group agreed to acquire the 180-meter (590-foot) building, the second-tallest in the City of London financial district, from receiver Deloitte LLP, according to a statement today. The price is equivalent to a yield of about 3.8%, said the person, who asked not to be identified because the information is private.

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