LondonMetric Property and LXI Reit in talks over merger

LondonMetric has until 15 January to firm up its interest in the acquisition

Photo by Frans Ruiter on Unsplash

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FTSE 250-listed Reit LondonMetric Property and LXI Reit are in talks over a possible merger, the boards of both trusts have announced.

Should the deal go through, LondonMetric will acquire the £2.1bn LXI in an all-share merger.

In a stock exchange announcement, the boards said they “see the potential to bring together two companies with complementary strategic approaches and a key focus on delivering compounding income-led total shareholder returns through the cycle”.

As per London Stock Exchange rules, LondonMetric has until 5pm on 15 January to either announce a firm intention to make an offer or to walk away.

In August, LondonMetric Property completed the acquisition of CT Property Trust in a £198.6m deal.

The trust owns £3bn of assets across 16.5m square feet, which generates £143m contracted rental income per year, according to the LondonMetric website.

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