Lovells has won a role advising on the latest real estate rights issue, with the top 10 City law firm instructed by property investment and development company SEGRO.

The £500m issue, which is subject to shareholder approval but is priced at a significant discount, comes after the company announced losses of nearly £1bn during the year ending 31 December.

Lovells fielded a team for SEGRO from its UK, Europe and US offices with corporate partner Nigel Read leading a team that also included London corporate partner Nicola Evans, US securities partner Katherine Mulhern, real estate partner Katherine Watts and tax partner Kevin Ashmar.

The rights issue is being fully underwritten by a consortium of banks including Barclays Capital and HSBC and broker RBS Hoare Govett.

Linklaters advised the underwriters fielding a team led by corporate partner John Lane.