LondonMetric Property has completed its £44m takeover of Highcroft Investments, a logistics and retail warehousing-focused REIT, the latest deal in an acquisitive run for the company.
LondonMetric announced the recommended deal in late March, with chief executive Andrew Jones (pictured) saying at the time: “This transaction adds complementary assets in our favoured sectors on an attractive basis across all key property metrics. It supports our strategy of greater consolidation within the sector.”
The company expects to mark a fifth of the target’s assets as non-core and market them for sale.
Since 2019, LondonMetric has acquired A&J Mucklow, CT Property Trust and LXi REIT, and has made a £699m offer for Urban Logistics REIT.
In an interview with Estates Gazette last year, Jones said he sees it as “my job to buy companies”, adding that the mispricing of many of small-cap REITs means it is “beholden upon those who can afford it, and have got the right rating, to do something about it”.
Announcing full-year results this week, the chief executive said the company has “every reason to be optimistic about our relentless expansion and the opportunities available from our highly scalable platform”.
Image © LondonMetric Property
Send feedback to Tim Burke
Follow Estates Gazette
