Londonmetric Property dips on deal to buy property trust
24/05/2023 08:35
** Shares of Londonmetric Property LMPL.L down as much as
4.4% to 179.7p, top pct loser on FTSE midcaps .FTMC index
** The commercial property firm agrees with CT Property
Trust CTPT.L to buy its entire issued and to be issued share
capital for 198.6 mln pounds ($250.7 mln)
** Proposed share deal for 85.5 pence per CTPT share, at
premium of 34.3% to closing price on latest practicable date -
LMPL
** Separately LMPL reports annual net rental income of 146.8
mln pounds, up 10.3%, raises dividend by 2.7% to 9.5p
** 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
** Up to last close, stock had gained nearly 7% so far this
year
($1 = 0.7923 pounds)
(Reporting by Prerna Bedi in Bengaluru)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))