Slaughters, Freshfields lead on £756m rights issue
Slaughter and May and Freshfields Bruckhaus Deringer have taken the lead roles on the latest rights issue to emerge from the real estate sector. Land Securities - the UK's largest property company - has taken a proposal to its shareholders to raise almost £756m to strengthen the company's balance sheet and protect it against the economic downturn.The Slaughter and May team advising longstanding client Land Securities was led by corporate partner Gavin Brown.
February 20, 2009 at 05:33 AM
2 minute read
Slaughter and May and Freshfields Bruckhaus Deringer have taken the lead roles on the latest rights issue to emerge from the real estate sector.
Land Securities – the UK's largest property company – has taken a proposal to its shareholders to raise almost £756m to strengthen the company's balance sheet and protect it against the economic downturn.
The Slaughter and May team advising longstanding client Land Securities was led by corporate partner Gavin Brown.
The rights issue was fully underwritten by Citi and JPMorgan, with Citi, JPMorgan Cazenove and UBS Investment Bank acting as joint sponsors.
The banks were advised by a Freshfields team led by corporate partner Simon Witty. The magic circle firm has now been involved in every major real estate rights issue so far this year.
A number of the biggest real estate companies have been looking at ways to raise cash to protect themselves during the downturn. British Land recently raised £740m by issuing more than 340 million new shares at 225p per share, with Freshfields and Linklaters advising the company and the banks respectively.
Prior to that, Hammerson's £584.2m rights issue saw Herbert Smith advise the company while Freshfields advised the banks.
It has been widely reported that property companies Segro and Brixton are also considering rights issues.
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