Regulatory News Announcement - Update on sales at Lancaster Gate

29 June 2010

Minerva plc

Update on sales at Lancaster Gate

Minerva plc ("the Company") is pleased to announce that through recent off market activity over the last few months, contracts have now been exchanged to sell a further 11 apartments at its Lancaster Gate scheme for a total consideration of £107.5 million.  Following this, pre-sales totalling approximately £230 million have now been achieved, representing just over half of the total area of the scheme.

These sales further underpin the Company's confidence that the project will generate significant returns.  The official launch of the scheme commenced last week, with completion of the development scheduled for summer 2011.

Salmaan Hasan, Chief Executive of Minerva plc, said:

"We are very encouraged by the level of interest we have seen in The Lancasters.  There is an acute scarcity of high-end residential schemes of this quality in the market and when complete, we will be delivering a range of stunning apartments, combining the historical features and grand setting of the building with contemporary design and facilities." 

--End--

All Enquiries:

Minerva:

Salmaan Hasan, Chief Executive                                               020 7535 1000

Ivan Ezekiel, Finance Director

Mark Cherry, Investment Director

Brunswick:

Simon Sporborg / Oliver Hughes                                               020 7404 5959