LondonMetric to acquire A&J Mucklow for £414m.

LondonMetric Property, a UK REIT company specializing in retail and convenience retail and long income properties, agrees to acquire A&J Mucklow Group, a long-established Midlands based property company focusing on the long term ownership and development of the industrial and commercial property, for £414m, in a cash and stake exchange deal. The offer represents a 19.7% premium to Mucklow's last closing price. "I am pleased that we have agreed a £414m recommended offer to acquire A&J Mucklow. The combination of their assets, of which approximately 70% is in distribution and industrial property, is consistent with our strategy of increasing our urban logistics exposure," Patrick Vaughan, LondonMetric Chairman.