CMS is advising longstanding client LondonMetric Property plc (LondonMetric) on two takeovers which are being effected simultaneously - its recommended acquisitions by way of a scheme of arrangement of leading ‘last mile’ logistics REIT, Urban Logistics REIT PLC (Urban Logistics) and TISE-listed Highcroft Investments plc (Highcroft).
Announced on 27 March 2025, the acquisition of Highcroft adds a portfolio of real estate assets weighted towards logistics and retail warehousing to LondonMetric’s existing £6bn portfolio and demonstrates its ability to nimbly execute on attractive opportunities when they arise.
The acquisition of Urban Logistics, announced on 9 May 2025, is expected to create a combined group with a £7.3bn portfolio and market capitalisation of £4.4bn, making LondonMetric one of the largest UK REITs by market capitalisation and consolidating its position as the UK's leading triple net lease REIT and a FTSE 100 company.
Kristy Duane, CMS Corporate partner, comments: “LondonMetric is a longstanding and valuable client and we’re delighted to have supported it on these strategic transactions to create one of the largest UK REITs. It has been a pleasure working alongside the Board and management team to deliver two compelling transactions and continue to help drive value for stakeholders.
As the leading legal adviser to REITs, we’re extremely well placed to advise clients on strategic and transformative mergers and acquisitions of this nature. CMS advises over 40 UK REITs, including almost half of the UK’s premium listed REITs, and has a proven track record of delivering successful outcomes. These transactions cement our leading position in this market having advised on more than £4.8bn of transactions since 2019.”
Gordon Anton, CMS Corporate partner, adds: “For a number of years LondonMetric has pursued a strategy of acquisitive growth in the UK listed real estate market and we’ve had the opportunity to work alongside them on each step of the way. The concurrent execution of two takeovers by a listed strategic acquiror is novel and we’re delighted to be part of the team advising LondonMetric in nimbly executing on these exciting opportunities. As the number 1 legal adviser for Real Estate takeovers (by deal value and volume) during the period 2019 – 2024, these transactions further strengthen our credentials in this market.”
CMS has advised LondonMetric since 2010 and previously advised on its all share merger with LXi REIT in 2024, its all-cash offer for CT Property Trust Limited in 2023 and its cash and share offer for A&J Mucklow plc in 2019.
The CMS team was led by Kristy Duane and Gordon Anton, and included Kieran O’Brien, Jennifer Gray, Jennifer Tambe, Anna Compagnoni, Carys Holland, Anna Ghataure and Gordon Newton.
The CMS Corporate team is highly experienced in advising on public takeovers, including all types of Takeover Code-regulated transactions. CMS is ranked first by deal volume and value for firm offers announced in the real estate sector during the period 2019–2024 and the firm had a 31% market share of REIT-related takeovers during the same period.
