LondonMetric Property Plc (“LondonMetric” or “Company”) is pleased to announce that it has completed on the acquisition of CT Property Trust Limited (“CTPT”) (“Acquisition”). Following admission this morning of 105.6 million new LondonMetric shares issued as part of the Acquisition, the Company is also pleased to welcome CTPT shareholders to LondonMetric.        

The Acquisition adds a high quality and complementary portfolio of assets with significant asset management opportunities and strong rental reversion potential. It also offers material cost savings, economies of scale and an attractive debt structure, with the Acquisition expected to be earnings accretive.

Following the Acquisition, LondonMetric’s portfolio value has increased to £3.2 billion and generates £160 million of rental income per annum from a diversified occupier base. The portfolio benefits from long average lease lengths of 11 years, very high occupancy of 99% and attractive rental growth prospects given its high weighting to urban logistics which accounts for 44% of assets.

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 CTPT portfolio assets and work towards disposing of assets that are deemed non-core to our strategy.”