Market misery rocks Minerva

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

After the revaluation, Minerva's loss was
£231.9 million compared with last year's £18.7 million profit.

The company says its cash reserves of £117.4 million, only slightly down from last year, "provide security, liquidity and flexibility".

Despite the effects of the downturn, chief executive Salmaan Hasan says Minerva has "continued to make good progress".

"We have a diverse and high-quality development portfolio in core London locations and have achieved a number of important milestones across our pipeline," he said."

Minerva has pre-sales of 27% of the Lancaster Gate development that will generate over £100 million of revenue and has raised more than
£330 million of structured finance for the project and the acquisition of Ram Brewery and Leinster House Hotel.