Property firms plan fundraisings

LONDON (Reuters) - Self-storage company Big Yellow <BYG.L> and property companies Great Portland Estates <GPOR.L> and Shaftesbury <SHB.L> are planning fundraisings to take advantage of slumping real estate, Sunday newspapers said.

A source said Big Yellow was likely to announce a 25 million pound share placing to buy sites in and around London along with its full-year results on Monday.

London office landlord Great Portland, which is due to publish full-year results on Tuesday, is seeking between 120 million pounds and 150 million pounds, the Sunday Times reported. The Mail on Sunday put the figure at about 125 million pounds. Meanwhile, Shaftesbury <SHB.L> has not yet decided whether to carry out a 150 million pound fundraising to expand its portfolio, according to the Sunday Times.

Big Yellow, Great Portland and Shaftesbury all declined to comment.

(Reporting by Victoria Bryan, editing by Will Waterman)

Article Published: 17/05/2009