LXi and LMP are London-listed REITs which are both members of the FTSE 250 index.
LMP owns and manages desirable real estate that meets occupiers demands and delivers reliable, repetitive and growing income-led returns and outperforms over the long term.
It owns one of the UK’s leading listed logistics platforms alongside a grocery-led long income portfolio, and is made up of £3bn of assets across 17m sq ft generating £159m p.a. of contracted rental income.
Appleby’s role as Jersey legal counsel included providing due diligence over the Jersey structure which consisted 16 JPUT trusts and associated entities.
The transaction values the entire issued share capital of LXi at approximately £1.9 billion with the combined group having a EPRA NTA of approximately £4.1 billion, a combined property portfolio valued at £6.2 billion and will be the fourth largest UK REIT.
Upon successful completion, the combined group is destined for a Premium Listing and admission to the London Stock Exchange’s Main Market.
The Appleby team was led by Managing Partner James Gaudin and Associate Samuel Jaakola.
James Gaudin said: “Our experts were delighted to provide strategic counsel to long-standing client LondonMetric in navigating an all-share merger with LXi REIT plc.
“This transaction underscores Appleby’s reputation as a leading offshore law firm, demonstrating our prowess in efficiently handling substantial and intricate transactions with tight deadlines.”
