Shelbourne set to walk away from €364.5m deal for Lloyd’s building

SHELBOURNE Developments may walk away from the €364.5 million property deal to buy the Lloyd’s insurance building in London.

Designed by Richard Rogers, the City landmark has concrete cancer. The deal was with Deka, the German investment group, according to a story in the British based Insurance Times magazine.

Shelbourne Developments is controlled by Garrett Kelleher and has significant property interests including France. According to Simon Barowcliffe, executive director CB Richard Ellis, the property company advising Deka, the potential breakdown in the deal is directly linked to the cancer concerns in the concrete structure of the building.