Freshfields takes £740m British Land role
Freshfields Bruckhaus Deringer has advised British Land on its £740m rights issue as the property development company moves to shore up its finances. British Land, the UK's second-largest real estate investment trust, last week sold 50% of its stake in the Meadowhall shopping centre to London & Stamford Property and reported that the value of its property portfolio had declined by more than 13% in value during the fourth quarter of 2008.The company will issue more than 340 million new shares at 225p per share.
February 13, 2009 at 06:06 AM
2 minute read
Freshfields Bruckhaus Deringer has advised British Land on its £740m rights issue as the property development company moves to shore up its finances.
British Land, the UK's second-largest real estate investment trust, last week sold 50% of its stake in the Meadowhall shopping centre to London & Stamford Property and reported that the value of its property portfolio had declined by more than 13% in value during the fourth quarter of 2008.
The company will issue more than 340 million new shares at 225p per share.
Freshfields fielded a large team headed up by corporate partners Julian Long (pictured) and Sarah Murphy, alongside real estate partner Emma Kendall, tax partner Sarah Falk, employment partner Simon Evans, finance partner Sean Pierce and construction partner Jane Jenkins.
The issue is being fully underwritten by Morgan Stanley, UBS and Euro Lights Private. Linklaters advised the banks, with a team led by corporate partner Brigid Rentoul.
This is the second recent significant rights issue in the real estate sector, after Hammerson last week raised £584.2m in an effort to prevent the company from breaching the terms of its bank and bond covenants.
On that deal, Herbert Smith advised Hammerson with a team lead by corporate partner David Paterson and real estate partner Don Rowlands. Freshfields advised the underwriting banks.
More news, deals and comment on Freshfields Bruckhaus Deringer
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Hengeler Advises On €7B Baltica 2 Wind Farm Deal Between Ørsted and PGE
2 minute read
Slaughter and May and A&O Shearman Advise as Latest UK Company Goes American
3 minute read
Linklaters Continues Renewable Energy Hot Streak With Latest Offshore Wind Farm Project
2 minute read
Trending Stories
- 1Uber Files RICO Suit Against Plaintiff-Side Firms Alleging Fraudulent Injury Claims
- 2The Law Firm Disrupted: Scrutinizing the Elephant More Than the Mouse
- 3Inherent Diminished Value Damages Unavailable to 3rd-Party Claimants, Court Says
- 4Pa. Defense Firm Sued by Client Over Ex-Eagles Player's $43.5M Med Mal Win
- 5Losses Mount at Morris Manning, but Departing Ex-Chair Stays Bullish About His Old Firm's Future
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
