Andrew Jones, CEO at LondonMetric

LondonMetric completes CTPT acquisition



LondonMetric Property Plc has completed on the acquisition of CT Property Trust Limited (CTPT), after this morning’s (8th August) admission of 105.6 million new LondonMetric shares issued as part of the procurement.


The acquisition adds a portfolio of assets with significant asset management opportunities and rental reversion potential.

It offers material cost savings and economies of scale with the purchase expected to be earnings accretive for LondonMetric.

Following the buy of CTPT, the property company’s portfolio value increased to £3.2bn, while the company generates £160m of rental income per annum from a diversified occupier base.

The portfolio contains long average lease lengths of 11 years and occupancy of 99% with weighting to urban logistics accounting for 44% of assets. 

Andrew Jones, CEO at LondonMetric (pictured above), commented: “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.”

 



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