Helical Bar drums up £29m to fund hunt for cheap buys

Developer Helical Bar joined the rush to snap up property bargains today in a move taking cash raised by the sector to about £350 million in recent weeks.

Helical is eyeing several schemes in central London, and has raised £29 million with a placing of 10.7 million shares.

Chief executive Michael Slade is hunting cheap deals in an "ideal" market backdrop, with senior management backing the placing with £1.1 million.

He said: "We have recently experienced a notable uptick in the number and quality of potential opportunities, especially from banks, institutions and over-leveraged private property companies."

Capital Shopping Centres raised £221 million in November while fellow property firm London & Stamford is also building up its firepower after Middle East partner Green Park pumped an extra £100 million into the duo's property joint venture.