London office space totaling some 44,000 sq ft has been sold off by property development company.
Under the terms of the deal, Minerva has sold properties at 42 and 44-48 Wigmore Street and 5 Wellbeck Street to Standard Life Investment Funds for £40.75 million.
Minerva has also agreed to rent existing office space under a lease agreement for what had previously been its headquarters.
The sale price represents a 20 per cent premium from June 2009 when the buildings were valued at £33.9 million.
Minerva’s willingness to sell was apparently driven by a desire to shore up its capital reserves to fend off a £84.5 million takeover bid from Nathan Kirsh, the South African investor.
Salmaan Hasan, chief executive of Minerva, told Property Week that the deal was a “key milestone achieved by Minerva as the market recovers”.
He added: “The premium valuation achieved of 20 per cent to the book value as reported at 30 June 2009 is further evidence of improving market conditions in the London property sector.
“This sale follows the successful amendment of Minerva’s debt facilities, and represents a further step in strengthening our financial position.”