Euro RE Fund Managers Eye £1B Minerva
Four of Europe’s opportunistic real estate fund managers are seeking to acquire London developer, Minerva.
Four of Europe’s opportunistic real estate fund managers are seeking to acquire London developer, Minerva, Property Week reports. A deal will lead to an enterprise value of £1 billion, out of which Minerva’s shares will cost nearly £200 million and its debt is more than £800 million.
Out of Minerva’s total debt, £131 million needs refinancing in 2011. Private equity firm, Apollo Global Management, Orion Capital Managers and Delancey in partnership with Area Property Partners are the three bidders for Minerva. The winning company will have to get approval from Minerva’s five lending banks, including Deutsche Postbank, HSH Nordbank and Nationwide.
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