Property companies seek cash for cheap buys

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 property prices, newspapers reported on Sunday.

Big Yellow will on Monday announce a 25 million pound share placing alongside its full-year results to buy sites in and around London, the Sunday Telegraph and Sunday Times said.

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)

Article Published: 17/05/2009