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Darren Beddard Group moderator
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Property groups in £3bn call on shareholders
Shareholders in real estate companies are being asked to find more than £3bn in less than four weeks to rescue property groups scrambling for cash to pay down debt as asset values tumble.

Land Securities, the largest property company, on Thursday said it was raising £755m through a fully underwritten, five-for-eight rights issue at 270p a share, a sharp discount to the theoretical ex-rights price. It added that its combined investment property portfolio had been valued at £9.97bn as at January 31, down from £12.5bn in September. After adjustments, the valuation deficit over the four-month period was £2.45bn, representing a decline of 20.1 per cent.

For more info please follow link

http://www.ft.com/cms/s/0/5556b4a6-fe02-11dd-932e-000077b076...

ifa wealth forum
- 20 Feb 2009, 10:27 am
Darren Beddard wrote: > Shareholders in real estate companies are being asked to find more > than £3bn in less than four weeks to rescue property groups > scrambling for cash to pay down debt as asset values tumble. > > Land Securities, the largest property company, on Thursday said it > was raising £755m through a fully underwritten, five-for-eight rights > issue at 270p a share, a sharp discount to the theoretical ex-rights > price. It added that its combined investment property portfolio had > been valued at £9.97bn as at January 31, down from £12.5bn in > September. After adjustments, the valuation deficit over the > four-month period was £2.45bn, representing a decline of 20.1 per > cent. > > For more info please follow link > > http://www.ft.com/cms/s/0/5556b4a6-fe02-11dd-932e-000077b07658.html > > ifa wealth forum

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Property groups in £3bn call on shareholders