Shaftesbury To Raise Rights Issue For London Shopping/Leisure Complex

London’s Soho neighborhood may soon be home to a major new shopping and leisure development. Shaftesbury  Plc a real estate investment firm that specializes in West End property, published a prospectus May 20 for a rights issue that would raise $230.8 million to finance the project. Although Shaftesbury made no details available, Reuters reports that the aim will be “to transform a cluster of shabby properties…into a tourist hotspot to rival the world-famous Carnaby Street.”

Jonathan Lane, Shaftesbury’s chief executive, said in a statement that the proposal reflects the correction in London real estate prices. “This rights issue will allow us to take advantage of excellent opportunities that are emerging to make strategic acquisitions in keeping with our long term investment strategy. We believe that the acquisitions funded by this rights issue will deliver good returns for our shareholders,” he said.