Travers Smith partners Aaron Stocks, Paul Lyons and Anthony Judge have advised Metric Property Investments plc on its £811m recommended all-share merger with London & Stamford Property Plc by way of a scheme of arrangement to form London Metric Property Plc.
Metric is a UK retail focused real estate investment trust established to assemble a portfolio of freehold and long leasehold retail properties throughout the UK and Ireland. London & Stamford is a UK focused real estate investment trust that invests in residential and commercial property, including office and distribution real estate assets, all of which are located in the UK. For Metric shareholders, the merger represents a premium of 24 per cent. to the six-month average price of Metric shares in the period to 5 November 2012. London & Stamford is also intending to undertake a £100 million return of capital to shareholders of the combined group.
Commenting on the transaction, Aaron Stocks said “we are delighted to act on such a transformative transaction for Metric, having advised them since their IPO in March 2010. The proposed merger represents an excellent opportunity for shareholders of both companies to be part of a larger more diversified group and would unite two highly experienced management teams.”
J.P. Morgan Cazenove acted as financial adviser and joint broker and Oriel Securities acted as joint broker to Metric.
