Minerva ends sale talks
Offers ‘undervalue’ property business
Property company Minerva has ended all sale talks of it own, in the wake of the decision to put department store group Allders into administration.
Minerva, which was the majority shareholder in Allders owner Scarlet Retail, said last July it had received an approach from a potential buyer.
After “the receipt of proposals from a number of interested parties”, Minerva has now ended all sale talks.
Chairman Sir David Garrard said: “After much consideration, the Board has decided that the proposals received did not fully reflect the value of the company.
“We have a first class asset base comprising prime Central London investment property and major development opportunities. With the strength of the direct investment market for individual properties and the improving London letting market, we have a clear strategy for extracting value from the group’s assets and the broadening of the portfolio so as to provide further opportunities to increase value for shareholders.”
Minerva’s assets now include the freehold of Allders flagship department store in Croydon, South London, which the company acquired from Scarlett Retail. The site is key to Minerva’s planned Park Place retail development in the town.
