Slaughter and May is advising McKay Securities PLC ('McKay'), a property investment company specialising in the South East of England and London markets, in connection with its proposed firm placing and placing and open offer of 45,879,174 new ordinary shares (the 'Capital Raising').

The Capital Raising, which was announced on 29 January 2014, will raise gross proceeds of approximately £86.7 million, which will be used by McKay to fund current and near-term portfolio redevelopment and refurbishment projects and future property acquisitions.

The new ordinary shares represent 100% of McKay’s existing issued share capital and the Capital Raising is conditional on shareholder approval at a general meeting to be held on 14 February 2014.

CONTACTS

Corporate and Commercial: Gavin Brown (partner), Chris McGaffin (associate), Claire Jackson (associate), Emily Jamieson (trainee), Mike Mutsaers (trainee); Tax: William Watson (partner), Ed Milliner (associate)