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Quintain, the property developer which recently sold its stake in the O2 arena to Cambridge University's Trinity College, today confirmed reports it is considering a rights issue, but added that “no formal decision has been made at this time.”
The company is expected to raise up to £180 million from shareholders to fund the development of the Greenwich peninsula and shore up its finances.
The move will see the firm following in the footsteps of property giants Songbird and British Land who issued cash calls earlier this year.
Quintain's rights issue will be the first big move by new chairman William Rucker, the investment banker who runs the London office of Lazard.
JP Morgan Cazenove is expected to organise the fundraiser, with Lazard also being tipped to have a role.
