UK's LondonMetric to buy LXI REIT in $2.4 bln deal (updated)

LXi REIT

11/01/2024 07:34

(Adds details on deal in paragraphs 2-3)
       Jan 11 (Reuters) - British landlord LondonMetric
Property  LMPL.L  will acquire London-based real estate
investment trust (REIT) LXI  LXIL.L  in a deal valued at 1.9
billion pounds ($2.43 billion), the companies said on Thursday.
    Under the terms of the deal, each LXI shareholder will get
0.55 new LondonMetric shares for every share held. This
represents a premium of about 9% to LXI's closing price before
the offer period began in December.
    LXI directors intend to recommend unanimously that
shareholders vote in favour of the deal, which is aimed at
creating a new major REIT focused on greater scale and sectors
with high barriers to entry.
    LondonMetric, also a REIT, mainly owns logistic platforms
alongside a grocery-led long-income portfolio, while LXI invests
in varied sectors, including healthcare, budget hotels, theme
parks, food stores, industrial, pubs, and education.

($1 = 0.7831 pounds)

 (Reporting by Eva Mathews in Bengaluru; Editing by Janane
Venkatraman
)
 ((Eva.Mathews@thomsonreuters.com;))