The market value of Tower 42, one of London’s tallest landmark skyscrapers and owned by Swazi billionaire businessman Nathan Kirsh (Natie Kirsh), has reportedly declined by almost $10 million since the start of the year, according to the Bloomberg Billionaires Index.Â
Presently ranked as the fifth-tallest tower in the City of London, the building’s market value dropped from $373 million to $364 million at the time of writing.
The recent decrease in the market value of Tower 42, a landmark skyscraper in London, is occurring against the backdrop of ongoing disruptions in the property market, as property buyers and sellers are adjusting to a new era of higher interest rates.
Analysts predict that London’s home prices, which have long been a magnet for foreign investors, may experience a steeper drop of five percent this year before rising by two percent in 2024 and four percent in 2025.
However, a recent Reuters poll suggests that the decline in British home prices may be less severe than previously expected in 2023. This is due to a resilient job market and easing recession fears, which are expected to mitigate the impact of higher borrowing costs.
Tower 42, also known as the NatWest Tower, is a 183-meter (600-foot) skyscraper that belongs to the diverse portfolio of Swazi billionaire Natie Kirsh.
Kirsh is a prominent businessman and owns a 75-percent equity stake in Jetro Holdings, a New York-based company that operates two wholesale grocery chains in the United States — Jetro Cash & Carry and Restaurant Depot.Â
Since the year began, Kirsh has seen his net worth decline by $149 million, from $7.45 billion to $7.3 billion as of the time of writing this report.
The drop is primarily due to the decline in the market value of his stake in Jetro Holdings, as well as the decrease in the market value of Tower 42.
