REG - LondonMetric - Update to stated post-offer intention statements

Londonmetric PropertyAnnouncement

24/06/2025 18:00

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RNS Number : 2537O  LondonMetric Property PLC  24 June 2025

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FOR IMMEDIATE RELEASE

 

24 June 2025

 

LONDONMETRIC PROPERTY PLC ("LONDONMETRIC")

 

Rule 19.6(b) update to stated post-offer intention statements with regard to
Urban Logistics REIT plc ("Urban Logistics")

 

LondonMetric announces that, further to the completion of its acquisition of
Urban Logistics on 23 June 2025 (the "Acquisition"), LondonMetric is providing
an update on its statements of intent made pursuant to Rule 2.7(c)(viii) and
Rule 24.2(a)(i) of the Takeover Code (the "Intention Statements") which were
set out in its announcement on 9 May 2025 (the "2.7 Announcement") and the
scheme document published in connection with the Acquisition on 23 May 2025
(the "Scheme Document" and, together with the 2.7 Announcement, the "Offer
Documents").

 

This announcement is required under Rule 19.6(b) of the Takeover Code.

 

The Intention Statements described that "LondonMetric intends to discuss
future investment advisory arrangements with the Investment Adviser of Urban
Logistics as soon as practicable. LondonMetric ultimately intends to assume
the delivery of those services under the internal management and leadership of
LondonMetric. The scope of these discussions will cover (i) reaching agreement
with Urban Logistics' Investment Adviser regarding the terms on which the
management contract might be amended at optimal value and maintaining
continuity of service; (ii) proceeding within the terms of the existing
contract, and (iii) terminating the existing contract in accordance with its
terms."

 

Following further discussions with the Investment Adviser of Urban Logistics
(the "Investment Adviser"), LondonMetric has now reached agreement with the
Investment Adviser regarding the terms on which the management contract might
be amended at optimal value and maintaining continuity of service.
LondonMetric has acquired the business of the Investment Adviser, through the
establishment of a newly-incorporated company, which does include the
Investment Advisory Agreement, which will continue to operate for the time
being, and the transfer of a small number of staff from the Investment Adviser
to LondonMetric (the "Adviser Acquisition"). The maximum consideration
payable by LondonMetric in relation to the Adviser Acquisition is £8 million,
subject to certain conditions being met.

 

The Adviser Acquisition will result in LondonMetric assuming the management
services of the assets to which the Investment Advisory Agreement relates
under the internal management and leadership of LondonMetric, as was its
stated intention in the Offer Documents.

 

Enquiries:

 

 LondonMetric Property plc                               Tel: +44 (0) 20 7484 9000
 Andrew Jones, Chief Executive

 Martin McGann, Finance Director

 Gareth Price, Head of Investor Relations

 Barclays Bank PLC, acting through its Investment Bank

 (Joint Financial Adviser and Joint Corporate Broker)    Tel: +44 (0) 20 7623 2323
 Bronson Albery

 Callum West

 Mark Gunalan

 Ronak Shah

 Peel Hunt LLP                                           Tel: +44 (0) 20 7418 8900

 (Joint Financial Adviser and Joint Corporate Broker)
 Capel Irwin

 Michael Nicholson

 Henry Nicholls

 Sam Cann
                                                         Tel: +44 (0) 20 3493 8000

 J.P. Morgan Cazenove

 (Joint Financial Adviser and Joint Corporate Broker)
 Charlie Jacobs

 Ashish Agrawal

 James Robinson

 Dipayan Chakraborty

 FTI Consulting                                          Tel: +44 (0) 20 3727 1000

 (PR Adviser to LondonMetric)
 Dido Laurimore

 Richard Gotla

 Andrew Davis

 

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