(Reuters) -British landlord LondonMetric agreed to buy Urban Logistics REIT on Friday in a deal valuing the property investment firm at 698.9 million pounds ($924.99 million).
Under the deal, Urban Logistics shareholders will receive 0.5612 newly issued LondonMetric shares plus 42.8 pence in cash for each share held, valuing its stock at 150.3 pence apiece.
The offer price is at a 3% premium to Urban Logistics stock’s closing price on Thursday.
“The Urban Logistics Directors…unanimously consider the terms of the Acquisition to be fair and reasonable,” the company said in a statement.
($1 = 0.7556 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi Aich)
