Minerva has a takeover bid from Dubai wealth fund

Fri, 06 Jun 2008

Minerva, one of London's largest property developers who is subject to a takeover attempt by the sovereign wealth fund, Limitless, is looking to sell off part or all of its largest development - Park Place.

Limitless is a division of the multibillion-pound Dubai World group of companies, owned by the Gulf state. Limitless is taking advice from UBS about the potential bid. It has been suggested that the bid could be £322m.

As yet there has been no formal bid from Limitless, according to reports.

Minerva confirmed that it was examining a number of options, including a joint venture partner to replace Lend Lease, an equity investor or a full sale.

Minerva's deal to sell a 50 per cent stake in Park Place to Lend Lease for £92.5m was aborted. It was expected that John Lewis would hold anchor store position, however a tenancy agreement has yet to be signed.

Park Place will provide 900,000 sq ft of retail space and restaurants, when completed. John Lewis had previously confirmed a requirement for 240,000 sq ft on the site.

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