LondonMetric completes CT Property Trust takeover

LondonMetric has finalised its acquisition of the entire issued share capital of CT Property Trust (CTPT).

The real estate investment trust (REIT) has issued an additional 105.6 million shares, welcoming Columbia Threadneedle-managed property trust’s shareholders to LondonMetric.

When the deal was initially announced in May, the value of the takeover was reported to be approximately £198.6m, with it initially expected to come into effect in early July.

LondonMetric said the acquisition “adds a high quality and complementary portfolio of assets” and provides cost savings, economies of scale, and an attractive debt structure.

Following the takeover the REIT said its portfolio value has increased to £3.2 billion and will generate £160 million of annual rental income.

The portfolio consists mainly of industrial and distribution assets, however both LondonMetric and CTPT manage a number of retail assets, particularly out-of-town solus units.

Andrew Jones, chief executive of LondonMetric, said: “This opportunistic acquisition will benefit both sets of shareholders and provide greater liquidity. We will immediately begin to integrate the CTPT portfolio assets and work towards disposing of assets that are deemed non-core to our strategy.”