Multiplex in talks to buy 25% Minerva stake

Multiplex, the Australian developer building the new Wembley stadium, has reportedly been in talks with Minerva over the acquisition of a 25% stake in the company.

Minerva announced yesterday that it had received an approach from a third party over a possible bid for the company, adding that discussions were at a preliminary stage. However, the company did not disclose the name of the potential bidder.

It is understood that a number of parties are expected to bid, with Multiplex among them. Bradford & Bingley, Tishman Speyer and Goldman Sachs’ Whitehall Fund are also believed to be interested.

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

If Minerva does not receive a satisfactory bid then Chairman, Sir David Garrard and Chief Executive, Andrew Rosenfeld, are expected to sell their 25% holding.

Major property companies such as British Land and Liberty International may also bid for individual assets such as Minerva’s proposed Park Place retail development in Croydon.
Source: Freeman

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