Instead, the company plans to press ahead with The Walbrook, aeuro 444-million ($542-million) development opposite Cannon Streetstation. The scheme will include 450,000 sf of offices and shopsdesigned by Lord Foster of Thames Bank, in the heart of the SquareMile. It will be developed speculatively. Minerva plans to start onthe site next summer, with a view to completing the scheme in 2009.The group is in talks with banks about funding the project.

Minerva also reported that post-tax losses more than doubled toeuro 65 million ($76 million) after taking a hit from itsinvestment in Scarlett Retail, the holding company for thecollapsed Allders department store chain. The company also took aeuro 41-million ($51-million) hit from one-off costs associatedwith terminating loan agreements after the sale of euro 599 million($732 million) of investments.

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