Urban Logistics REIT has announced that it has received a “preliminary, indicative proposal” from LondonMetric Property regarding a possible takeover of the company.
The board of the REIT said it was currently reviewing the proposal with its advisers.
Urban Logistics was established in April 2016 and listed on the AIM market of the London Stock Exchange, initially as Pacific Industrial & Logistics, with a market capitalisation of £10m. In 2021, it moved from AIM to the main market.
The company, which has around 130 assets providing 9.7m sq ft of space, invests in mid-sized urban logistics buildings of up to 200,000 sq ft.
LondonMetric has until 5pm on 9 May 2025 to either announce a firm intention to make an offer for Urban Logistics or announce that it does not intend to make an offer for the business.
Earlier this week, LondonMetric, which is led by chief executive officer Andrew Jones (pictured), acquired a Marks & Spencer warehouse in Bristol for £74m.
