Londonmetric Property dips on deal to buy CT Property Trust

CT Property Trust

24/05/2023 10:14

(Updates LMPL share move in bullet 1, adds milestone in bullet
2, CTPT share move and milestone in bullet 5)
    ** Shares of Londonmetric Property Plc  LMPL.L  down as much
as 10.9% to 168.5p, top pct. loser on FTSE midcaps  .FTMC  index
    ** Stock on track to log worst day since March 2020 if
losses hold 
    ** UK-based real estate investment trust Londonmetric agrees
to buy commercial property trust CT Property Trust  CTPT.L  for
198.6 mln pounds ($250.7 mln)
    ** Proposes offer price of 85.5 pence per CTPT share,
reflecting premium of 34.3% on CTPT's last close
    ** CTPT stock up 21% at 77.29p, highest since October 2022
and top pct. gainer on London's smallcaps  .FTSC  index 
    ** Separately, LMPL reports annual net rental income of
146.8 mln pounds, up 10.3%, and raises annual dividend by 2.7%
to 9.5p/share 
    ** Also sells distribution warehouse in Solihull to DHL
Logistics for 20.5 mln pounds, adds disposal at a small premium
to March 31 book value
    ** YTD, LMPL up nearly 7% and CTPT down ~8% through last
close
    
    
($1 = 0.7923 pounds)

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))