London-listed property company Minerva has confirmed it is in 'advanced discussions' with a number of parties regarding a possible takeover of its £1bn struggling development business.

The potential bidders are said to be Apollo Global Management, Orion Capital Managers as well as a joint venture between Delancey and Area Property Partners, according to PropertyWeek.

'There can be no certainty that an offer will be forthcoming or as to the terms on which any offer would be made,' Minerva said, adding that a further announcement will be made in due course.

Bids are said to amount to between 100p and 110p per Minerva share, valuing the company at just under £200 mln. The company has a debt load of over £800 mln with five banks - Deutsche Postbank, HSH Nordbank, Nationwide, Lloyds Banking Group and Landesbank Berlin.