Minerva sign new tenants as takeover rumours continue

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.

Author: Amy Edwards | | 0 Comments

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