LONDON (ShareCast) - Bid target and real estate company Minerva said adjusted net asset value per share fell 33% amid a weakening economic environment.

The London focused firm, which received a cash offer from sovereign wealth fund Dubai World, said adjusted NAV per share fell to 230.6p from 342.1p in 2007.

Post-tax, post-revaluation losses for the year ended 30 June 2008 came in at £231.9m compared with a profit of £18.7m the year before.

The value of its investment portfolio slipped by 29.8% to £604.4m due to weakening property market conditions.

Minerva soothed concern about Limitless' 160p a share offer falling through in light of its weakening results. Limitless, which is owned by Dubai World, made the offer back 21 July.

The group said talks were continuing but there was no certainty an offer would be made.

The group says it has cash reserves of £117.4m "to provide both security and flexibility to make progress on its development projects."

• News Channel