Minerva, the London based landlord said this week that it had successfully let 145,000 square feet of space at the St. Botolphs development. The company have also been trying avert a hostile takeover from Nathan Kirsh’s, a South African businessman. The deal would cost around £85 million. The leasing deal is with Clyde & Co and will last 20 years, with a starting rent of £48 per sq ft, with a 36 month rent free period. Major lettings can still command generous rent free periods it seems.
The company has recently sent a document to it’s shareholders stating that the share valuing of 50p from Mr Kirsh’s company was”opportunistic”. It said this undervalued the company by a massive margin. Mr Kirsh’s company has said that Minerva need signficant income to fund future projects. There is around 55% of the space at the scheme still available for rent.