Financial Times, 18 Feb 2009, Bryce Elder and Neil Hume
Real estate stocks led the London market sharply lower yesterday on fears that the sector's fundraising window may be closing.
Brixton and Land Securities dropped on talk that they may struggle to attract underwriters.
Brixton tumbled 28.4 per cent to 48p. Fundraising doubts were exacerbated by a report that its biggest shareholder, Singapore's GIC, had lost $50bn last year.
The GIC sovereign wealth fund has been rumoured to be sub-underwriting British Land's £740m cash call. Traders questioned whether it would be willing to back two recapitalisations.
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