UK developer London & Stamford makes offer for Metric

LONDON Fri Nov 9, 2012 2:20am EST

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LONDON Nov 9 (Reuters) - UK property investor London & Stamford made a 209 million pound ($334 million) takeover offer for developer Metric Property Investments on Friday, three days after the two companies said they were in advanced discussions to merge.

London & Stamford is offering 0.94 shares for every Metric share.

The two companies said on Wednesday that London & Stamford shareholders would own 75 percent of the enlarged company while Metric shareholders would own the remaining portion.

London & Stamford owns and develops offices and luxury homes in London as well as warehouses across Britain. Last month, it sold its stake in the Meadowhall shopping centre in Sheffield for 750 million pounds to Norway's sovereign wealth fund. Metric owns supermarkets and retail parks in Britain.

London & Stamford said its EPRA net asset value per share for the six months to end-September fell to 114 pence from 120.6 pence in the same period last year and that it had purchasing power of 1 billion pounds following the Meadowhall sale.