London-based property firm Minerva has just sold its West End headquarters to Standard Life Investment Funds for a sum of £40.75 million. The figure represents a massive 20 percent rise on the value of the property just a few months ago in June this year, when the building was valued at just under £34 million. Minerva will continue to rent its existing office space from the new owners. As a whole, Minerva’s portfolio experienced a 10 percent rise in value over the same period.
Minerva has stated that over half the proceeds from the sale will go towards paying off debt, and the remaining amount will be used to strengthen the company’s balance sheet.
A spokesperson commented that the sharp rise in value in the second half of the year was further evidence of a recovery in London’s property market, particularly prime office space.