November 6, 2012 / 7:21 AM / 5 years ago

UK property companies London & Stamford, Metric to merge

LONDON, Nov 6 (Reuters) - UK real estate investors London & Stamford Property and Metric Property Investment are in advanced discussions to merge, the two companies said on Tuesday.

The firms said that under the merger London & Stamford shareholders would own 75 percent of the enlarged group’s share capital while Metric shareholders would own about 25 percent, although there was no certainty that the discussions would complete successfully.

The companies also said they expected a significant return of capital to both sets of shareholders once the merger completes.

London & Stamford’s chief executive, Patrick Vaughan, would become executive chairman of the combined group while Metric’s chief executive, Andrew Jones would become the merged company’s chief executive. Raymond Mould, London & Stamford’s chairman, will retire from his role.

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