LondonMetric Buys Rival LXI REIT in £1.9 Billion All-Share Deal

LondonMetric Property Plc has agreed to take over rival UK landlord LXI REIT Plc in a deal valuing the company at £1.9 billion ($2.4 billion).

The all-share merger has been recommended by the boards of both the companies and will see each LXI shareholder receive 0.55 new LondonMetric shares, according to a statement Thursday.

The price represents a premium of about 9% to LXI’s stock before Bloomberg News first reported the deal last month and a discount of 4% to the companies’ net tangible asset value.

It would be the latest in a series of tie-ups by publicly traded UK ...