LondonMetric's takeover of Urban Logistics receives court sanction

(Alliance News) - LondonMetric Property PLC on Friday said it has received a court order sanctioning its takeover of Urban Logistics REIT PLC.

As a result, the final day for dealing in Urban Logistics shares is Friday. The stock was up 0.6% at 156.60 pence in London on Friday afternoon.

LondonMetric is a London-headquartered real estate investment trust, and Urban Logistics is a UK-focused logistics real estate investment trust.

LondonMetric shares were up 0.6% at 203.10p.

Urban Logistics will be cancelled from trading on London's Main Market and the Official List no later than Tuesday morning next week, at which point 257.9 million new LondonMetric shares will be admitted to the Main Market and the Equity Shares (Commercial Companies) segment of the Official List.

The takeover scheme becomes effective on Monday.

LondonMetric in May said it agreed to acquire Urban Logistics REIT in a cash-and-share deal worth approximately GBP698.9 million at the time.

Under the terms of the agreement, each Urban Logistics shareholder will receive 0.5612 new LondonMetric shares and 42.8 pence in cash.

The deal was backed Urban Logistics shareholders earlier in June.

By Emily Parsons, Alliance News reporter

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