SHB.L Share News (SHB)

London's West End-focused Shaftesbury has joined the rush of property groups raising cash with a fully underwritten rights issue to raise £149.1m net.Terms of the issue are two for three, at a price of 175p, compared with last night's close of 373p."The board believes that the current unsettled property market represents an exceptional opportunity for the group to acquire further properties in its chosen locations within London's West End, which are rarely offered for sale when the economic outlook is more buoyant," Shaftesbury said in a statement.It has already started to acquire properties in and around Berwick Street in Soho, with the aim of establishing a cluster of property ownerships in this area, it added.Shaftesbury posted a loss before tax of £159.8m (£93.5m loss) in the half year to March after a protfolio write-down of £123.5m and derivatives losses of £47.5m. NAV fell 18.5% to 393p. There is an interim dividend of 7.5p, up from 5p.