Minerva announces major letting at St Botolphs

Minerva secures international law firm Clyde & Co in major letting at St Botolphs Development, EC3.

Minerva plc ("Minerva") announces today that it has reached an agreement for a 20 year lease with international law firm Clyde & Co, to provide their new headquarters. The agreement is subject to contract and final partner approval at Clyde & Co, which, together with completion of the documentation, is expected to occur prior to the 24th December 2009.

The pre-letting sees Clyde & Co take approximately 145,000 square feet of office space at St Botolphs, bringing the total amount of space let at the development to approximately 230,000 sq ft, or around 45% of the total available office space. Clyde & Co will be occupying levels 10 to 13 of the building at an initial rent of £48 per square foot with a rent free period of 36 months.

St Botolphs is due for completion in Summer 2010 and provides in total 560,000 square feet of high quality Grade A office and retail accommodation in the City of London. The scheme is designed by leading architects Grimshaw.

Commenting on today's announcement, Salmaan Hasan, Chief Executive of Minerva plc said:

"This is another significant milestone for Minerva and I am delighted that Clyde & Co has chosen St Botolphs for its London headquarters. The announcement further validates the Board's view that we have a uniquely positioned portfolio of developments and it is a clear demonstration of an improved outlook for the City office market."


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Enquiries:

Minerva
Salmaan Hasan, Chief Executive 020 7535 1000
Ivan Ezekiel, Finance Director
Tim Garnham, Group Development Director

Clyde & Co
Peter Hasson, Chief Executive 020 7623 1244

Brunswick Group LLP
Simon Sporborg / Tom Williams / Oliver Hughes 020 7404 5959


Notes to editors:

Minerva plc is a property investment and development company in the UK.

The group has a number of real estate developments; all located in the Greater London area, comprising City office, high-end residential and mixed-use schemes. Minerva is actively developing three of these prime development sites. Two are situated in London's financial district, The City of London. The Walbrook a 445,000 sq. ft. office development and St Botolphs, a landmark 14 storey office building comprising circa. 560,000 sq. ft. The third is Lancaster Gate, a high end residential development overlooking London's Hyde Park.

The Group has a pipeline of further development opportunities, including the Odeon Kensington, another high-end residential development situated on London's Kensington High Street, and The Ram Brewery in the heart of Wandsworth, London - a seven acre site that will be developed as a significant mixed-use scheme. The Company also owns a further residential development opportunity, the Leinster House Hotel, located in Central London, opposite the Lancaster Gate scheme. In addition, Minerva has within its ownership a large estate in Croydon comprising approximately six acres, essentially divided into two large land holdings within the town centre.