16 November 2009
International law firm Freshfields Bruckhaus Deringer has advised Grainger plc, the UK’s largest listed residential landlord, on its fully underwritten Rights Issue to raise gross proceeds of approximately £250 million. This will be achieved by the issue of up to 277,628,724 New Shares (representing 200.0 per cent of the existing issued share capital and 66.7 per cent of the enlarged issued share capital immediately following completion of the Rights Issue) through a 2 for 1 Rights Issue at 90 pence per New Share.
Freshfields’ team was led by corporate partner Stephen Revell, working with fellow partners Annette Byron (real estate) and Don Guiney (corporate), senior associate David Cotton (corporate) and associates Katie Lyons (real estate) and Stuart Young, Alexandra Fraser and Iain Jones (all corporate).
This year Freshfields has also advised on the rights issues of several other real estate companies including Land Securities, British Land, Hammerson and Shaftesbury.