Minerva signed a £150m construction contract with Skanska to build its St Botolph’s office development in the City of London.

The scheme will provide around 560,000 sq ft of office and retail space and has been designed by architect Grimshaw. The building is due to be completed in 2010.

Minerva, which is also developing another office scheme Walbrook in the city, has pre-let 84,000 sq ft of office space to global insurance company Lockton International for its European HQ

Tim Garnham, Minerva’s group development director, said: ‘We are delighted that Skanska will be working with us on St Botolphs. With a construction contract now signed, a significant pre-let agreed and funding in place, we look forward to delivering the St Botolphs development into the market on schedule in 2010.’

'Stunning development'

Dave Shadwell, senior vice president at Skanska’s construction private operating unit, said: ‘St Botolphs is a very exciting scheme and we are delighted to be involved in its development alongside Minerva. We have an excellent long term relationship with the company and are looking forward to delivering another stunning development for them.’

HSH Nordbank and Landesbank Berlin are providing development finance.

Skanska has already started enabling works on the site.