Minerva has posted pre-tax profits of £8.5m for the six months to January in the first set of results since the property company floated last year.
At the same time Minerva confirmed that it is part of Mapeley Holdings, one of the two shorlisted consortia bidding for the government’s Prime PFI project. Should Mapeley be successful Minerva will act as development partner alongside fellow consortium members Burford and Argent.
Minerva chief executive Andrew Rosenfeld said: “We regard this project as a logical extension of our existing property development and investment strategy.”
Since flotation Minerva has reduced debt and interest payments, turning around a £2.1m loss for the same period last time. It has refinanced existing loan facilities worth £96.5m secured against 250 Euston Road, NW1.
Over the period the company acquired the Banque Paribas headquarters at Wigmore Street, W1, for £37.5m and a £25m portfolio from Ladbrokes. As a result, gross rental income is up 8.1% to £13.3m.
Chairman David Garrard said the company will exploit development sites within the existing portfolio, including sites in Croydon. He added: “We will continue to seek investment opportunities across a broad property spectrum.”
EGi News 21/04/97
