Land Securities is days from announcing a deeply discounted rights issue to restore its battered balance sheet.

Britain’s biggest listed property company is in the final stages of approving a cash call, which is expected to raise between £500m and £750m.

The board of the developer is expected to meet this week to approve the issue, which will be underwritten by UBS, Cazenove and Citigroup. City sources said a final decision on how much money will be raised and when to proceed has still to be taken.

This weekend the board and its advisers remained tight-lipped about the deal.

The Sunday Times