The company says in a statement that the extension was partly in response to additional expressions of interest from third parties and partly an attempt to accommodate additional requests for data from potential bidders. The deadline had been the Sept. 6 and 15 potential suitors had been invited to submit first-round bids of about €894 million ($1.1 billion) by that date. Bidders are thought to include Morgan Stanley Real Estate Fund, Goldman Sachs' Whitehall Fund, Hines and Resolution Property.

Minerva's assets comprise a €1.2-billion ($1.4-billion) central London investment portfolio, which includes the 600,000-sf Whitgift shopping centre in Croydon. It also owns the properties occupied by Allders department store as well as the 260,000-sf Criterion building at Piccadilly Circus, SW1; Sampson House and Ludgate House on the South Bank, SE1; and 90 High Holborn, WC1.

There is also a €3-billion ($3.4-billion) development pipeline. The company is currently erecting the tallest building in the Square Mile, has planning consent for the one-million-sf Park Place development site in Croydon which, when fully developed, would create-- with the Whitgift--the biggest shopping mall in the country. Minerva also owns the Walbrook/St Swithins site, EC4, which has consent for a 500,000-sf office scheme.

Lehman Brothers and HSBC are advising Minerva on possible takeover bids.