Minerva - Cash offer by Consortium

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Slaughter and May is advising Minerva plc ("Minerva"), the London property developer, on a possible recommended cash offer by a consortium that values Minerva at approximately £200 million and implies an enterprise value of over £1 billion. The consortium consists of funds advised by AREA Property Partners (UK) Limited and a subsidiary of DV4 Limited, which is advised by Delancey Real Estate Asset Management Limited.

The consortium has undertaken that it will announce a firm intention to make an offer for Minerva if certain pre-conditions are satisfied, including receipt of documentation amending certain of Minerva's existing debt facilities and change of control consents and waivers from Minerva's lending banks.

AREA is a global real estate private equity fund manager with over US$1 billion of equity under management. Delancey is a specialist real estate investment adviser and the exclusive adviser to DV4 Limited, a real estate investment fund with over £1 billion of equity capital.

Linklaters is advising AREA Property Partners (UK) Limited, and Jones Day is advising Delancey Real Estate Asset Management Limited.

Stephen Cooke (partner), Hywel Davies (partner), Philip Bownes (associate), Charles Turnham (associate); Financing: Mark Dwyer (partner), Victoria Moore (associate)