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Segro to launch second cash call

Property company Segro is considering launching a second rights issue this year to enable it to buy its debt-burdened rival Brixton. The industrial real estate group, which three weeks ago made a bid approach to Brixton, is thought to be weighing up a two-step bid, comprising a share-swap offer and a minimum £300m equity raising to pay down Brixton’s debt of £485m that matures in 2010. Segro’s advisers JP Morgan Cazenove and UBS have been instructed to carry out preparatory work.