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Minerva bullish on recovering demand for prime properties

City A.M. Reporter
PROPERTY developer Minerva said yesterday increased demand for quality property would hold it in good stead &ndash; but failed to update the market on lettings at its two City developments. <br /><br />The interim statement coincided with property advisor Drivers Jonas&rsquo;s London Crane Survey, which crowned Minerva as the developer with the most speculatively developed space under construction in the capital. JP Morgan analyst Osmaan Malik said there was &ldquo;very limited new information&rdquo; in the statement. <br /><br />The company is close to completing its 445,000 sq ft Walbrook scheme, which remains empty, although a lack of supply in the City means tenants such as investment firm Blackrock are eyeing the space. The scheme has become one of the only options for large occupiers after Macquarie Bank recently took 210,000 sq ft at the Drapers Gardens scheme. Minerva&rsquo;s St Botolphs scheme is also only partly let, to insurance company Lockton. <br /><br />Chairman Oliver Whitehead said: &ldquo;Increasing demand for prime real estate, coupled with a declining supply of new competitive product, places Minerva in a good position to benefit in terms of value enhancement in the medium term.&rdquo;