British Land has tapped shareholders for £740m in a fully underwritten rights issue. The UK property group announced the issue alongside a £1.64bn writedown in the third quarter following a 13% reduction in its property portfolio valuation. The issue, fully underwritten by Morgan Stanley, UBS and Euro Lights Private, a Singapore government affiliate, will create two new shares at 225p for every three shares, a 53% discount to Wednesday’s closing price.

This entry was posted by Gwen Robinson on Friday, February 13th, 2009 at 4:59 and is filed under Capital markets. Tagged with british land. Edit this entry.