News Archive
Dubai firm eyes up London developer
Released on 14/05/2008
Minerva, the developer behind London’s St. Botolph office development (pictured), is said to be an acquisition target for Dubai World.
A state-owned company from Dubai could buy Minerva, the major London property developer which is currently building major office developments in the City and remodelling Croydon’s central shopping centre.
Limitless, part of the multibillion-pound, state-controlled Dubai World group of companies, claimed to be “in the very preliminary stages of considering its options in respect of Minerva”.
The London company’s shares shot up dramatically following the news.
Minerva, which has a market capitalisation of £188m and last valued its property assets at £700m, told investors that it had “received no proposal from Limitless and, therefore, has nothing to respond to”.
Minerva turned in £114 million of pre-tax losses for its first half ending December 31 after taking a £108 million writedown on its property developments.
The company’s schemes include the construction of The Walbrook, a 445,000 sq ft City office block and a huge City office complex behind Aldgate station called St Botolph’s, covering 560,000 sq ft.
