Times Online, 12 Feb 2009, Nick Hasell
British Land is to raise £740 million through a rights issue, becoming the second FTSE 100 property company to call on its shareholders for cash this week.
Britain’s second-biggest commercial real estate group said that the proceeds of the fundraising — structured as a two-for-three offer at 225p, or a 53 per cent discount to Wednesday’s closing price — would “underpin the company’s balance sheet at a time of unprecedented market dislocation”.
The rights issue is being fully underwritten by Morgan Stanley, UBS and the Government of Singapore Investment Corporation, an existing British Land shareholder.
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Related News:
British Land rights issue to raise 740 mln stg - Reuters UK, 12 Feb 09
Hedge funds profit from British Land's rights issue - Telegraph.co.uk, 12 Feb 09
