LondonMetric Property Plc (LMP.L) reported that its loss attributable to equity shareholders for the year ended 31 March 2023 was 506.3 million pounds or 51.8 pence per share compared to net income of 734.5 million pounds or 78.4 pence per share in the prior year.
Loss before tax was 507.5 million pounds compared to a profit of 738.3 million pounds in the previous year.
Annual revenue grew to 146.7 million pounds from 133.2 million pounds last year.
In a separate press release, LondonMetric said it acquire the entire issued and to be issued share capital of CT Property Trust Limited or CTPT.
As per the terms of the Acquisition, CTPT Shareholders will be entitled to receive 0.455 New LondonMetric Shares for each CTPT share.
On the basis of the Closing Price per LondonMetric Share of 188.0 pence on 23 May 2023 , the Acquisition values each CTPT Share at 85.5 pence and the entire issued and to be issued ordinary share capital of CTPT at approximately 198.6 million pounds.
The acquisition represents a premium of approximately 34.3 per cent. to the closing Price per CTPT Share of 63.7 pence on the Latest Practicable Date.
Following completion of the Acquisition, existing LondonMetric Shareholders will hold approximately 90.3 per cent. and CTPT Shareholders will hold about 9.7 per cent of the enlarged issued share capital of LondonMetric.
Separately, LondonMetric Property said that it has exchanged on the sale of a DHL logistics warehouse in Solihull for 20.5 million pounds, reflecting a NIY of 4.15% with a rent review due later this year. The sale is at a small premium to the 31 March 2023 book value.
The 142,000 sq ft warehouse was acquired in 2017 as part of a portfolio with an allocated purchase price of 15.7 million pounds and a WAULT of two years.
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