London-based property developer Minerva have successfully managed to restructure £750 million of debt, gaining two years of breathing space in the process.
Having been particularly badly hit by the credit crunch, which saw commercial property values plummet in the capital and elsewhere around the world, commentators have speculated whether the company would survive. Minerva currently have around £1 billion of debt outstanding.
Loans on Minerva’s London office space development the Walbrook, which was begun in 2007 and is due for completion at the end of this year, and St Botolphs, another office scheme scheduled for 2010, were part of the deal. Minerva’s chief executive Salmaan Hasan commented: “With this strengthened financial platform in place, we remain fully focused on achieving our other key objectives. We are confident that we can deliver long-term value from our portfolio of high quality developments and investments.”