Minerva 株 move on up after refinancing victory

Updated: 12:06 BST, 22 September 2009

株 in London office developer Minerva rose 21 per cent after the 会社／堅い said it had refinanced over £750million of 貸付金s.

Minerva's 貸す人s have agreed 改訂するd 条件 on a pile of its 負債s, 含むing £570million of 貸付金s against two City of London office 開発s at The Walbrook and St Botolphs.

In return, Minerva has 誓約（する）d 付加 安全, 会社にする／組み込むd 賃貸し（する）ing 的s and agreed an 高めるd 出口 料金 to its banks.

Minerva: An 空中の 見解（をとる） of St Botolph's House, one of its City office 開発s

'We are pleased to have 完全にするd the refinancing and 拡張s to our 貸付金 施設s, which is a 重要な milestone and 供給するs 追加するd 安全 to the group,' Salmaan Hasan, 長，指導者 (n)役員／(a)執行力のある of Minerva said.

Minerva 株, which have 低迷d 65 per cent in the past 12 months, 急に上がるd to 39 pence by 0748 GMT, in 返答 to the news.

Minerva has also refinanced £188million of 負債 in six other 存在するing 施設s, totalling £222million.

生き残り 上げる

投資家s had 恐れるd the company, which has about £1billion of 負債 施設s, could be 軍隊d into firesales to 治療（薬） its refinancing needs.

However, the 見通し for the UK 所有物／資産／財産 market is brightening and there are 調印するs occupier 需要・要求する will 回復する much faster than 以前 thought, 上げるing letting prospects at Minerva's biggest 開発s.

'Minerva looked like it was a 開発 商売／仕事 living on its construction 貸付金s but this refinancing, with 緩和 and 除去するing of 負債 covenants puts the 商売／仕事 in a much stronger 生き残り position,' Nomura 所有物／資産／財産 分析家 マイク Prew told Reuters.

News of the refinancings will also be welcomed by Britain's army of 商業の 所有物／資産／財産 borrowers, who 借りがあるd a total £225billion on their 投資s at end-2008.

Around one fifth of this sum is 予定 to be refinanced this year, data from De Montfort University shows.