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UK property firm Minerva (MNR.L: Quote, Profile, Research) said its adjusted net asset value per share fell 33 percent in the year to end-June as Britain's real estate slump worsened, jeopardising prospects of a sovereign wealth fund takeover.

The specialist London developer, responsible for two of the biggest office development projects in the City financial district, blamed the fall to 230.6 pence per share on a sharp revaluation of its portfolio in line with prevailing property market conditions.

Minerva said the value of its investment portoflio slipped by 29.8 percent to 604.4 million, citing valuer CB Richard Ellis.

Despite the hefty fall, Minerva said takeover talks with Limitless LLC, a unit of state-owned conglomerate Dubai World, were continuing although there was no certainty an offer would be made.

Limitless lodged a bid of 160 pence a share for Minerva on July 21.

"In the last year we have continued to make progress in the execution of our strategy," CEO Salmaan Hasan said in a statement.

"We have a diverse and high quality development portfolio in core London locations and have achieved a number of important milestones across our pipeline," he said.

Minerva chalked up post-tax, post-revaluation losses of 231.9 million pounds in the year, versus profits of 18.7 million pounds in 2007.

It said it had cash reserves of 117.4 million pounds to provide both security and flexibility to make progress on its development projects. (Reporting by Sinead Cruise; Editing by Paul Bolding) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)

Source: http://uk.reuters.com/