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Investing.com -- Londonmetric Property has agreed to terms for a cash and stock offer to acquire Urban Logistics REIT (SHED), a move that values the company at £677m.
This agreement, reached ahead of today’s PUSU deadline, solidifies Londonmetric’s position in the FTSE-100. The deal implies an EPRA NTA discount of about 3% based on the EPRA NTA per share of both companies as of September 30, 2024.
The acquisition proposal, first made on April 13, includes new shares in Londonmetric based on an adjusted EPRA net tangible assets (NTA) exchange ratio, plus a fixed cash amount. This arrangement offers the benefit of mitigating equity market risk. The deal is expected to immediately boost earnings and increase Londonmetric’s portfolio weighting to 55%.
Under the agreed terms, SHED shareholders will receive 0.5612 new Londonmetric shares and 42.8p in cash. Furthermore, SHED shareholders will retain the dividend for the second half of 2025, anticipated to be 4.35p per share, payable in July 2025.
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