LONDON Nov 9 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
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.