Property company generates net asset value of 311.5 pence and interim profit of £9.3m

Property company Minerva generated a net asset value of 311.5 pence for the 12 months ending 30 June 2006.

In its preliminary results the group also announced that its profit before tax stood at £9.3m, compared to a £4.7m loss for the same period last year. Minerva has also reported that it has cash reserves of £161.6m compared to a figure of £144.4m in 2005.

This year, Minerva has made two high-profile acquisitions, the Odeon Cinema in High Street Kensington for £24m and the Thistle Hotel at Lancaster Gate for £67m.

Salmaan Hasan, Minerva’s chief executive said: “The group is now firmly focussed on delivering shareholder value from an expanding pipeline of exciting developments which currently encompasses City of London offices, a prime London shopping centre, premium London residential and a significant potential mixed-use schemes in an affluent part of the capital.”

Also in the results the developer announced plans to scrap its scheme to build an office block in London’s square mile. The building was due to be 50 stories high.

Instead, the group will now build a 14 storey building in London’s financial district called St Botolph’s House.

Construction on the project is due to begin next summer and the building is expected to be completed by 2009.