LondonMetric completes CT Property Trust acquisition

LondonMetric Property has completed its £200m purchase of CT Property Trust. This morning (8 August) 105.6m new LondonMetric shares, issued to pay for the £198.6m all-share deal, were admitted to the London Stock Exchange. The move brings former CTPT shareholders into the FTSE 250 REIT, handing them a 9.7% stake in LondonMetric. Following the deal, LondonMetric’s portfolio value has increased to £3.2bn, generating around £160m of rental income per annum. The portfolio benefits from average lease lengths of 11 years, 99% occupancy and a high weighting to urban logistics, which accounts for 44% of the 313 properties. CTPT was formed by the merger of IRP Property Investments and ISIS Property Trust in April 2013, although back then it was called F&C UK Real Estate Investments. As of 31 March, CTPT owned 34 properties valued at a total of £288.3m. Some 56% of the portfolio is industrial, logistics and distribution assets, with 21.9% retail warehousing, 15.7% offices and 6.4% high street retail. It also has around £30m of cash in the bank. LondonMetric chief executive Andrew Jones (pictured) said: “This opportunistic acquisition will benefit both sets of shareholders and provide greater liquidity. We will immediately begin to integrate the CTPT portfolio assets and work towards disposing of assets that are deemed non-core to our strategy.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Photo © LondonMetric Property