Minerva, the property group, has secured a deal with creditors to give it breathing space under its £1bn ($1.64bn) debt burden until after June 2011.

The restructuring agreed with banks Deutsche Postbank, HSH Nordbank, Nationwide, Lloyds and Landesbank Berlin includes deferring or removing important covenant tests, including tests of loan-to-value or net worth, with the exception of two small loan facilities, as well as rescheduling debt maturities.