Minerva, the property developer, has called the bottom of the market for its commercial and residential businesses as it looks to take advantage after an emergency debt restructuring.

The company became the first in the property sector to report a net liability per share yesterday after the collapse in prices, although it was upbeat about the future given its more stable financial footing.

Minerva has agreed new terms for about £800m of debt. It has no loan maturities in this or next financial year and almost no value covenants until June 2011. The company said it had funds to complete developments under construction.

Financial Times, Daily Telegraph