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Minerva is at the forefront of the re-emergence of speculative debt after securing a #275m senior debt facility to finance its development of The Walbrook, a 440,000 sq ft freehold office site in the City.
Of the total #275m borrowing, #215m will be made up of speculative debt.
Ivan Ezekiel, Minerva's finance director, tells Finance Week that the speculative element comprises an initial #75m to refinance existing bank debt on the site and a further #140m towards its demolition and rebuilding.
He adds that the final #60m will become available as the building becomes pre-let after the anticipated completion in the summer of 2009.