Consolidation continued apace in the UK property market with the take-out of one of the sector’s smaller players.
CT Property Trust PLC has agreed to be bought in an all-paper deal tabled by LondonMetric Property PLC (LSE:LMP), valuing it at £198.6 million – a 34% premium to Tuesday’s closing price.
Unsurprisingly, CT’s shares shot up - 19% to 74.6p. By contrast, the bidder’s stock dropped 8% to 178.3p.
Shore Capital said the deal “looks [like] a good fit strategically and should create new shareholder value” for LondonMetric.