LondonMetric Property plc has completed its recommended cash and share acquisition of Urban Logistics REIT plc, following the Court’s approval of the scheme of arrangement and registration of the Court Order.
As of today, Urban Logistics is fully owned by LondonMetric, forming the newly combined group.
The acquisition, first announced on 9 May 2025, has now become effective under Part 26 of the Companies Act 2006. The deal was structured as a Court-sanctioned scheme of arrangement, with full terms set out in the Scheme Document circulated to shareholders on 23 May 2025.
Under the terms of the scheme, Urban Logistics shareholders on the register at 6.00 p.m. on 20 June 2025 are entitled to receive:
- 0.5612 New LondonMetric Shares, and
- 42.8 pence in cash
for each Urban Logistics share held.
As part of the transaction:
- Urban Logistics’ listing on the Official List and trading on the Main Market will be cancelled as of 8.00 a.m. on 24 June 2025.
- Simultaneously, the New LondonMetric Shares will be admitted to the Equity Shares (Commercial Companies) segment of the Official List and will begin trading on the Main Market at the same time.
- CREST accounts for uncertificated shares will be credited from 24 June 2025, while certificated share certificates will be dispatched by 7 July 2025.
Following completion of the scheme, several members of the Urban Logistics board have stepped down:
- Nigel Rich, Independent Non-Executive Chair
- Richard Moffitt, CEO of Logistics Asset Management (LAM)
- Heather Hancock, Senior Independent Non-Executive Director
- Bruce Anderson, Independent Non-Executive Director
- Lynda Heywood, Independent Non-Executive Director
- Cherine Aboulzelof, Independent Non-Executive Director
Their resignations are effective as of today.
With the transaction now finalised, Urban Logistics is no longer in an “Offer Period”, and the related dealing disclosure obligations under the Takeover Code have ceased.
The deal represents a significant consolidation in the UK logistics and last-mile delivery sector, combining two major REITs focused on urban logistics assets into one larger platform under LondonMetric’s management.
