Gherkin architect sells stake in firm

Updated 14.25 Fri May 11 2007

Keywords: Sir Norman Foster, London, gherkin, Wembley

Britain's top architect, Lord Foster, has sold a stake in the influential practice he founded 40 years ago to its first external investors.

Lord Foster is the creative force behind Swiss Re's famous Gherkin building, the Millennium Bridge and the new Wembley Stadium.

The value of the deal has not been disclosed but it is thought that the architectural firm is worth around £300 million in total

Private equity group 3i has bought a minority holding in Foster & Partners and is set to help fund the group's plans to grow internationally.

Lord Foster will remain as chairman, retaining a "significant" shareholding, and all 14 senior directors now own a stake in the practice.

The size and cost of the holding sold to 3i has not been disclosed but it is thought that Foster's architectural firm is worth around £300 million in total.

Lord Foster will continue to be the single largest shareholder, although his stake will be smaller than the original 90 per cent that he is understood to have held in the group.

The 71-year-old is one of the wealthiest people in Britain after building the firm up into an international success with 1,000 staff worldwide.

He made it into the Sunday Times Rich List for the first time this year, ranked 249th place with a £245 million personal fortune.