LondonMetric to acquire CT Property Trust
LondonMetric is planning to acquire CT Property Trust’s (CTPT) entire share capital for approximately £198.6 million ($247 million).
Columbia Threadneedle Investment Business is CTPT’s investment manager. As of March 31, CTPT’s property portfolio consisted of 34 properties valued at around £288.3 million ($359 million). The majority of the portfolio consists of industrials, logistics and distribution assets and also includes retail warehousing, offices and high-street retail assets.
“This acquisition by LondonMetric allows our shareholders to benefit from being exposed to an enlarged U.K.-REIT with an approximately £3 billion ($4 billion) property portfolio, continuously growing dividends and an outstanding track record of shareholder value creation,” said Davina Walter, chairman of CTPT. “The acquisition also represents a compelling premium to the CTPT share price. We therefore recommend the acquisition to shareholders.”