Shares in commercial property developer Minerva rose 20 per cent after it announced a possible buyer had nearly completed reviewing its accounts, the Guardian has reported.
Minerva has been hit hard by falling commercial property prices, although a takeover by Middle East bidder, Limitless World is being negotiated.
A statement, which accompanied its annual results said discussions are “ongoing but there can be no certainty that an offer will be forthcoming”.
Company chairman Olive Whitehead insisted the company was in good health, with a “very high quality and diverse development portfolio, comprising City of London offices, high end London residential, mixed use and town centre shopping”.
Minerva reported a £270 million loss and is exposed to building schemes that are yet to be completed.
With new funding hard to come by, some investors have held back from new developments.
Others, especially from international funds, now see commercial property in London as an excellent investment opportunity – for buyers and tenants.Share: