Commercial Finance Specialists

Minerva's second quarter profits have prompted it to give a positive outlook for the commercial property sector.

The UK's commercial mortgage market could be set to pick up in the months to come after developer Minerva announced a positive assessment of the commercial property sector's future.

Minerva posted a pre-tax profit of £45.9 million in the second six months of 2009, compared with a loss of £189 million in the previous half, shortly after it finished construction of the major Walbrook development in London.

Chief executive of Minerva Salmaan Hasan told the Telegraph that demand from companies offering finance for business, media and insurance services remains strong, giving the firm confidence that it will lease the space to multiple companies.

Oliver Whitehead, chairman of Minerva, added that the firm's portfolio of current and future developments makes it well-placed to enter into an improving environment.

"There is real and growing evidence to show that we have now passed the cyclical low in the commercial property market," he commented.