London & Stamford Agrees to Buy Metric Property for Larger REIT
London & Stamford offered 0.94 of a new share for each Metric share, the companies said in a statement today. That gave Metric a value of about 209 million pounds ($334 million), the London-based REITs said. The REITs said on Nov. 6. that they were discussing a deal.
“Organizations across the world are deleveraging and we believe that this will continue to bring attractively priced assets to the market,” Andrew Jones, Metric’s chief executive officer, said in the statement. “We are excited by the prospect of being strongly positioned, with London & Stamford, to exploit these opportunities as they arise across the market.”
Shareholders will receive more than 100 million pounds in capital after the merger is completed, subject to their approval, according to the statement. The enlarged group will focus on commercial and residential property in London, suburban retail investment and development and opportunistic purchases.
Credit Suisse Group AG and Peel Hunt are advising London & Stamford, while JPMorgan Chase & Co. and Oriel Securities Ltd. are acting for Metric.
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