Slaughters leads on Land Securities rights issue

Slaughters leads on Land Securities rights issueLand Securities has turned to stalwart adviser Slaughter and May for advice on its £755.7m rights issue.

Slaughters has a longstanding relationship with the property giant and recently advised it on the £444m sale of Land Securities Trillium to Telereal (9 January).

On the rights issue, the Slaughters team was led by corporate partner Gavin Brown, who said the company had considered a range of options to manage its balance sheet. Ultimately Land Securities decided on a share issue rather than raising cash through other instruments or convertible bonds.

Brown was assisted on the deal by corporate associates Richard Smith and Grace Impey, tax associate Richard Jeens and pensions associate Ellen Swan.

The issue is being fully underwritten by Citi and JPMorgan, with Citi, JPMorgan Cazenove and UBS Investment Bank acting as joint bookrunners and joint sponsors.

Freshfields Bruckhaus Deringer partner Simon Witty is acting for the banks.

Land Securities’ fundraising comes after British Land, advised by Freshfields, announced a £740m rights issue (13 February).

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