INDUSTRY NEWS

Land Securities chooses rights issue

Commercial property firm Land Securities is to undertake a £755 million rights issue in an effort to boost its balance book.

The company, one of the largest commercial property investors in London, is seeking to avoid selling off any of its investments by raising more money from its shareholders.

Land Securities had previously stated it was considering the potential of a rights issue, but has moved ahead quickly with the plans in an effort to shore up its coffers during the recession.

Commercial property values in London and across the UK have fallen drastically over recent months as the credit crunch and subsequent recession hit the industry hard.

But some experts believe that the worst is nearly over for the industry, which could provide some comfort to commercial property investors such as Land Securities.

Former British Land chairman Sir John Ritblat recently told the Times that the high end commercial property market – which includes large amounts of commercial property in London – is coming to the end of its downward spin.
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