London & Stamford, the AIM-listed property company backed by veteran investors Raymond Mould and Patrick Vaughan, is raising £220m (€257m) to take advantage of distressed property prices in the market downturn. The move comes after two rival property funds had to suspend their flotation plans in the last month.

London & Stamford said it is raising the capital so it can "continue to exploit market weakness and take advantage of high quality deal flow", according to the announcement.