Minerva confirms completion of major letting to international law
firm Clyde & Co at St Botolphs Development, EC3
Not for release, publication or distribution, directly or
indirectly, in whole or in part in, into, or from, any jurisdiction
where to do the same would constitute a violation of the relevant
laws of such jurisdiction.
On 14 December 2009 Minerva plc (“Minerva”) announced that it had
reached an agreement for a 20 year lease with international law
firm Clyde & Co, to provide their new headquarters.
The agreement was subject to contract and final partner approval
at Clyde & Co. Minerva today confirms that both of these
conditions have been satisfied.
The key terms are:
- The pre-letting sees Clyde & Co take approximately 145,000
square feet of office space at St Botolphs
- 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
- There is no break in the 20 year lease
- The rent reviews are every five years on an upwards only
basis
This letting brings 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 and Co has options to lease a
further 42,000 sq ft of accommodation and to release 19,000sq ft at
a later date.
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 confirming completion of the
letting at St Botolphs, Salmaan Hasan, Chief Executive of Minerva
plc said:
“I am delighted that this major letting has now been concluded as
it is another significant milestone for Minerva. 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.”
William Beardmore-Gray, Head of City Agency for Knight Frank, who
advised on the letting, commented:
“This transaction provides evidence that the City Office market
has turned the corner. Tenants, with lease events over the next 2-3
years, need to act quickly to take advantage of the dwindling
supply of Grade A stock - particularly in large units, where there
is an acute shortage.”
– END –
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.
The Directors of the Company accept responsibility for the
information contained in this announcement. To the best of the
knowledge and belief of the Directors of the Company (who have
taken all reasonable care to ensure such is the case) the
information contained in this announcement is in accordance with
the facts and does not omit anything likely to affect the import of
such information.
The Board has received financial advice from Greenhill. In
providing advice to the Board, Greenhill has also taken into
account the Board’s commercial assessments. Greenhill & Co.
International LLP and Citigroup Global Markets Limited (each of
which is authorised and regulated by the United Kingdom Financial
Services Authority) are acting exclusively for Minerva and no one
else in connection with the matters referred to herein and will not
be responsible to anyone other than Minerva for providing the
protections afforded to Minerva, or for providing advice in
relation to the matters referred to herein.
Forward Looking Statements
This document contains statements that are or may be
forward-looking with respect to the financial condition, results of
operations and businesses of Minerva and the Minerva Group. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, valuation, performance or achievements of Minerva and the
Minerva Group, or the industry in which it operates, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements.
Dealing disclosure requirements
Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'),
if any person is, or becomes, 'interested' (directly or indirectly)
in 1% or more of any class of 'relevant securities' of Minerva, all
'dealings' in any 'relevant securities' of that company (including
by means of an option in respect of, or a derivative referenced to,
any such 'relevant securities') must be publicly disclosed by no
later than 3.30pm (London time) on the London business day
following the date of the relevant transaction. This requirement
will continue until the date on which the offer becomes, or is
declared, unconditional as to acceptances, lapses or is otherwise
withdrawn or on which the 'offer period' otherwise ends. If two or
more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an 'interest'
in 'relevant securities' of Minerva, they will be deemed to be a
single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in
'relevant securities' of Minerva by KiFin or Minerva or by any of
their respective 'associates', must be disclosed by no later than
12.00 noon (London time) on the London business day following the
date of the relevant transaction.
A disclosure table, giving details of the companies in whose
‘relevant securities’ ‘dealings’ should be disclosed, and the
number of such securities in issue, can be found on the Takeover
Panel’s website at www.thetakeoverpanel.org.uk.
‘Interests in securities’ arise, in summary, when a person has
long economic exposure, whether conditional or absolute, to changes
in the price of securities. In particular, a person will be treated
as having an ‘interest’ by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative
referenced to, securities.
Terms in quotation marks are defined in the Code, which can also
be found on the Panel’s website. If you are in any doubt as to
whether or not you are required to disclose a ‘dealing’ under Rule
8, you should consult the Panel.
