Minerva has reportedly invited 12 potential suitors to submit first round bids for the company early next month. The company effectively put itself up for sale last month after receiving a number of approaches. These are understood to have been from the Australian contractor, Multiplex, and Goldman Sachs’ Whitehall Fund. Also thought to be interested are British Land and the Blackstone Group.
Bidders have until 6 September to make submissions, giving them time to review Minerva’s annual results, due this month, before making their offers. Minerva is hopeful that a deal can be agreed before the end of the year.
Minerva has planning consent for the City’s tallest building, and is therefore an attractive proposition to potential bidders. Designed by Nicholas Grimshaw & Partners, the £1bn tower will stand at 712 ft and provide 1m sq ft of floorspace, mostly offices but including 22,000 sq ft of retail and a 19,000 sq ft rooftop restaurant
The company also owns 60% of the department store chain, Allders, and the Park Place development site, which is earmarked for 1m sq ft of retail development. Park Place is expected to be linked to the nearby Whitgift Centre, creating the biggest retail development in the country.