Instead, the company plans to press ahead with The Walbrook, a euro 444-million ($542-million) development opposite Cannon Street station. The scheme will include 450,000 sf of offices and shops designed by Lord Foster of Thames Bank, in the heart of the Square Mile. It will be developed speculatively. Minerva plans to start on the 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 to euro 65 million ($76 million) after taking a hit from its investment in Scarlett Retail, the holding company for the collapsed Allders department store chain. The company also took a euro 41-million ($51-million) hit from one-off costs associated with terminating loan agreements after the sale of euro 599 million ($732 million) of investments.
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