Thursday, February 19, 2009
More specifics on Land Securities attempts in the scramble for cash
Land Securities, Britain's largest real estate company, joined the scramble for capital among debt-starved property investors with a 756 million pounds ($1.1 billion) rights issue on Thursday. The company, a major landlord to the British government, is selling 291 million shares at 270 pence as part of a multi-pronged plan to prop up its balance sheet and protect against further downside in the [turbulent] UK property market. The 5-for-8 rights issue follows the sale of more than 3.4 billion pounds of assets since April, the mothballing of several large development projects, a 10 percent cull in its workforce and a 63 percent slide in its share price in the last 12 months.