Land Securities ‘considering merits of a rights issue’

Land Securities, owner of The Strand, located in Bootle, Liverpool, St John's and Clayton Square shopping centres in Liverpool city centre, has today said it was considering a rights issue following rights issues by rivals Hammerson and British Land.

The company, headed by chief executive Francis Salway, said in a statement to the Stock Exchange, issued in response to recent press speculation, that it was considering launching a rights issue this week.

The statement said: "Land Securities Group notes the recent press coverage in relation to a possible equity capital raising. The Board confirms that discussions have been held to consider the merits of a rights issue and any decisions will be communicated to shareholders through the proper channels at the proper time."

Hammerson has beaten its rivals to the cash trough by raising £584.2m from a deeply discounted rights issue last week.