Landlord LondonMetric Buys Urban Logistics in £699 Million Deal

LondonMetric Property Plcagreed to buy Urban Logistics Reit Plc in a deal valuing the company at about £699 million ($925 million).

The cash and share offer values Urban Logistics at 150.3 pence a share, according to a statement Friday. LondonMetric and Urban Logistics shareholders will hold about 89% and 11% of the combined company respectively, after completion of the deal.

“Urban warehousing remains our strongest conviction call for organic rental growth across the UK real estate market,” said Andrew Jones, chief executive officer of LondonMetric. “We expect the transaction will deliver substantial synergies, cost savings and accelerated earnings ...