Segro has become the latest property group to call on investors to support a sharply discounted rights issue.

Real estate shareholders have been tapped for more than £2.5bn following a series of cash calls by most large property companies, which are struggling to reduce debt from dangerously high levels as asset values fall.

Segro yesterday revealed the details of a larger than expected but fully underwritten £500m issue, which will be used to reduce gearing from 119% to 77% to provide headroom against already re-negotiated banking covenants.

The company, which yesterday wiped almost £1bn from the value of its property portfolio, can now withstand a further fall in asset values of more than 30%, in line with the most bearish forecasts in the property futures market.

Financial Times