Clyde & Co take on 145,000 square feet at St Botolphs development
Minerva have revealed they have taken on a new tenant for their St Botolphs development in the City of London.
Law firm Clyde & Co have signed up to 145,000 square feet of office space at the site which means the development is now around 45% let. They have signed up to a 20 year lease at a rent of £48 per square foot, with a rent-free period of 3 years. Minerva CEO Salmaan Hasan said the Clyde & Co letting “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”.
The announcement comes as the property giant fight off a £84.5 million takeover bid from South African entrepreneur Nathan Kirsh.
Minerva recently published a defence document, urging shareholders to reject a “particularly opportunistic” 50 pence per share cash offer from Kirsh’s KiFin Limited bid vehicle. Minerva said the offer undercut its proforma net asset value at end-November by 90 percent.
The St Botolphs development is due for completion in 2010 and and will comprise of around 560,000 square feet of office and retail space in the City of London.