Talks about a rights issue has collapsed Brixton but it is impossible to see how that could succeed, given that the share price has plunged far below the level a rights issue would have been pitched just a week ago. And with institutional investors like HBOS having pulled out already it's difficult who would be left to take up rights even if the price could be fixed!

Furthermore, empty rates liability has hit hard and the big unknown is their internal credit control process - i.e. how many tenants are struggling to pay their rent on time (or at all)?.

Segro plunges as much as 20 percent on fears it will soon launch a deeply discounted rights issue, as UK's property companies struggle to raise funds in a bid to repair their balance sheet. Segro announced earlier Monday it was in discussions about a possible equity capital raising, amid a property downturn that has already seen larger UK rivals such as Land Securities and British Land launch rights issues totalling billions of pounds. JPMorgan said in a research note on Monday that it estimates Segro would raise 390 million pounds. "On current pricing, raising 390 million pounds at an 80 percent discount would result in a 4-for-1 rights issue with a discount to TERP (theoretical ex-rights price) of around 44 percent on our estimates," JPMorgan analysts said.