Citigroup has become the first non-corporate broker to be appointed as an underwriter by a large UK property company in their recent round of rights issues, as volatility in the troubled property sector drives up the cost of raising capital.

Land Securities, the UK's largest real estate investment trust, this morning confirmed that it is seeking to raise £755.7m (€855.5m) to boost its balance sheet, following increasing concerns about the plunging commercial property market.