FTSE 250 Reit LondonMetric Property has completed the acquisition of CT Property Trust in a £198.6m deal.
In an announcement to the London Stock Exchange, the firm said the acquisition adds “a high quality and complementary portfolio of assets with significant asset management opportunities” and provides “strong rental reversion potential”.
The deal for the £194.2m trust was first announced on 24 May.
Following the acquisition, LondonMetric’s portfolio value has risen to £3.2bn.
Andrew Jones, chief executive of LondonMetric, commented: “This opportunistic acquisition will benefit both sets of shareholders and provide greater liquidity. We will immediately begin to integrate the CT Property Trust portfolio assets and work towards disposing of assets that are deemed non-core to our strategy.”
According to FE Fundinfo, the CT Property Trust has returned 86.3% over the last decade, almost double the sector average of 45.8%.
See also: Is there still life in commercial property?
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