LONDON Nov 9 UK property investor London &
Stamford made a 209 million pound ($334 million)
takeover offer for developer Metric Property Investments
The new company will be called LondonMetric Property Plc and
will remain listed on the London stock exchange, the two firms
said. London & Stamford is offering 0.94 shares for every Metric
The offer, which came three days after the two companies
said they were in advanced discussions to merge, means London &
Stamford shareholders would own 75 percent of the enlarged
company while Metric shareholders would own the remainder.
"The proposed merger will create a larger real estate
investment trust with scale, diversity and liquidity and brings
together deep real estate knowledge, financial resources and
management skills," Metric's chief executive Andrew Jones said.
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 (European Public Real Estate
Association) 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.
At 0839 GMT, shares in Metric were up 1.75 percent to 102
pence while London & Stamford shares were unchanged at 110.3
pence, outperforming the broader index of UK property stocks
which was down 0.43 percent.