Property trio seek to build up finances

Three property firms today took steps to bolster their finances as the embattled sector fights for survival.

Industrial landlord Brixton sold two buildings at Kingsland Business Park in Basingstoke for £7 million. The sale, to current tenant Oxoid, a microbiology firm, was slightly above what the buildings were valued at in December.

Brixton, which owns warehouses in west London and this month sacked chief executive Tim Wheeler, is desperate to raise new funds to survive the recession. It has so far failed to launch a rights issue, and is now looking to sell up to £250 million worth of properties.

Larger rival British Land, a major City landlord, said its £740 million rights issue, launched last month, gained 96.57% support, leaving some £26 million of shares with underwriters Morgan Stanley and UBS.

Quintain, which is developing land around Wembley Stadium and is mulling a £100 million rights issue, struck a deal with Barclays to amend payments on a £95 million loan.