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Ashurst and Nabarro have bagged advisory roles on property developer Quintain’s £191m rights issue.
Nabarro head of corporate Iain Newman led the team advising longstanding client Quintain on the three-for-one cash call that will be used to reduce the group’s £500m debt while expanding its fund management business.
Ashurst corporate partner Nicholas Holmes acted for the bank group underwriting the placement on the Official List of the London Stock Exchange. The syndicate is being led by JPMorgan Cazenove and is understood to include HSBC and Barclays Capital.
The capital will also be used to make further investments on Quintain’s ongoing developments at Wembley and the Greenwich Peninsula.
Nabarro has acted for Quintain for 10 years. Property partner Graham Lust led a team advising on the group’s acquisitions of the Wembley Plaza Hotel and the nearby Hilton International in September 2006. Lust also acted on the deal to develop the Greenwich Peninsula alongside English Partnerships in 2004.
The rights issue involved the placement of around 390 million shares at 49p per share. The price represented a 72 per cent discount on Quintain’s share price and a 39 per cent discount on its theoretical ex-rights price.
The cash call follows similar moves from fellow developers British Land and Land Securities and comes after initial plans to raise the money earlier in the year were shelved.