Swiss Re has found a buyer for its London offices, dubbed the Gherkin.

The reinsurer has agreed to sell 30 St Mary Axe to an affiliate of German property company IVG Immobilien for £600m.

The deal is expected to be completed later this month.

Swiss Re said that a number of potential investors had showed significant interest in the London landmark.

The sale of the building, which was designed by Foster and Partners and opened in 2003, could net Swiss Re £200m in profits. It is a sharp turnaround for a building which only two years ago was costing the reinsurer £35,000 a day in lost rental income.

Swiss Re will continue to occupy the building as a principal tenant.