Property companies call on investors for £441m

Property companies call on investors for £441m




.

Following a string of rights issues this year by

UK

property companies, it has been reported that Quintain and Granger are collectively pumping shareholders for £441 million.

As the latest in a long line of cash calls, the property firms are said to be looking to strengthen their balance sheets as well as preparing themselves for property acquisitions, following the 44% fall in commercial property values over the last two years.

According to the Telegraph newspaper, Quintain Estates is seeking £191.2 million to reduce debt, bring forward phases of development and fund potential acquisitions. It is currently leading regeneration projects in Wembley and

Greenwich

and earlier this year sold its stake in

London

’s O2 arena.

Grainger wants £104.5 million in order to pay off debt, as well as a further £133.4 million for potential deals. The group is reportedly aiming to spend at least £100 million on acquisitions in 2010.

So far this year property companies in the

UK

have raised more than £5 billion through rights issues

.

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