Segro on Thursday unveiled plans to raise £250m from a share placing after agreeing to buy rival Brixton for just under £110m in an all-share deal.

The two companies have agreed to swap 1.75 shares in Segro, worth 40¼p based on Wednesday’s closing price, for every Brixton share. That is substantially less than the price the market had expected when Segro, led by Ian Coull, chief executive, revealed itself as a bidder for Brixton in May.