Thursday, Oct 09, 2008

(This story was originally published on Wednesday.)

DUBAI (Zawya Dow Jones)--Dubai-based developer Limitless World LLC is looking at the possible acquisition of real estate companies in the U.K. and Europe after talks with U.K. real-estate group Minerva PLC (MNR.LN) broke down last month, a senior executive said Wednesday.

"There are things in the pipeline, it's normal that we're in talks with real estate companies and we're continually assessing opportunities in the U.K. and Eastern Europe," Imad Benharouga, Limitless' executive director of corporate strategy told Zawya Dow Jones on the sidelines of the Cityscape property show in Dubai.

Limitless last month withdrew an offer for Minerva after the two companies were able to reach an agreement on terms.

"We couldn't agree on some terms of the deal and so that was a deal-breaker for us. We have no plans to reopen talks for the time being," Benharouga said.

In July Limitless, part of the Dubai World group of companies, made an offer to acquire Minerva for 160 pence per share in cash.

"This doesn't mean that we're not going to enter the U.K.," Benharouga said. "The U.K. is a strategic market for us."

Limitless could enter the U.K. market either through direct developments, a joint venture or by acquiring a company with an existing portfolio, Benharouga said. "We haven't ruled out any of these," he said.

Limitless, the international real estate arm of United Arab Emirates government-owned Dubai World, currently has 11 projects worth more than $110 billion in eight countries, including Russia, India and Malaysia.

Benharouga said the company also plans to shortly launch projects in Africa and China and shrugged off concerns about the ongoing financial crisis.

"We have a balanced risk profile and because our projects will be delivered over five to seven years, we're able to change them according to market dynamics," he said.

Last month, Limitless announced it would develop a $1.7 billion mixed-use project in Jakarta. The company will hold a 30% stake in the joint venture it formed with Jakarta-based Bakrieland Development to develop the project.

-By Stefania Bianchi, Dow Jones Newswires, +9714 364 4967 Stefania Bianchi@dowjones.com

Copyright (c) 2008 Dow Jones & Company, Inc.

(END) Dow Jones Newswires

09-10-08 0419GMT