Minerva may be able to build its defences to such a level as to combat any takeover bids threatening it. The company has almost concluded talks for sale of a building in
The £40m sale will help Minerva stay afloat even as takeover bids are looming large from a South African investor. The sale involves centrally located prime deskspace in the
The property will be purchased by a mystery buyer who will be revealed after all formalities are complete and the sale is officially done. The property, which was previously expected to garner £39m, comes as a lifeline to Minerva. With this deal, Minerva can hope to avert the £85m takeover bid from Nathan Kirsch.
Minerva’s property values have shown an increase of 10pc from June onwards, and this is being touted as evidence of the company’s recovery. The company’s pro forma NAV per share has also grown to almost twice the Kirsch offer to 95pc. This is indeed a huge growth for the company whose NAV had touched rock bottom at 5.47pc. This happened during the recession when property values dropped dramatically, eroding the company’s asset base. In addition, tenancy rates were at an all-time low, and Minerva was unable to find tenants for two of its developments.
CEO of Minerva Salamaan Hasan was happy to state that the company is now confident about its ability to withstand any takeover attempts. He also revealed that a 1m square feet space tenancy is likely to materialise soon at The Walbrok and St. Botolphs. As the company has refinanced and does not have any other major debtors, its future growth is assured, said Hasan.
