CMS advises LondonMetric on public takeover of Mucklow to create leading logistics and distribution platform
23 May 2019
International law firm CMS has advised FTSE 250-listed company, LondonMetric Property plc (LondonMetric), on its public takeover of A&J Mucklow Group PLC (Mucklow) to create one of the UK’s leading listed logistics and distribution platform with assets of approximately £2.3bn. The combination is to be implemented by way of a scheme of arrangement, under which LondonMetric will acquire the entire issued and to be issued share capital of Mucklow, subject to shareholder approval.
The Combination provides LondonMetric with access to a substantial portfolio of distribution and industrial assets and is consistent with LondonMetric’s strategy of increasing its exposure to distribution and long income real estate assets, with the combination accelerating LondonMetric’s urban logistics exposure where rental growth is superior.
CMS Corporate partner Kristy Duane comments: “This transaction reflects a growing trend in the industry. Fuelled by rapid growth in e-commerce, the logistics and industrial sector continues to perform, outpacing many other sectors and offering opportunities for investors. We are pleased to have supported our long standing client on this strategic transaction which creates a stronger and more resilient business.”
The CMS team was led by Corporate partner Kristy Duane, with invaluable support from corporate partners James Parkes and Gordon Anton and share incentives partner Andrew Quayle.
CMS has unparalleled experience of advising on significant public M&A deals. In January, CMS advised healthcare sector real estate investment trust Primary Health Properties plc (PHP) on its £392m merger with MedicX Fund Limited, which saw PHP acquire a portfolio of 479 properties in the UK and the Republic of Ireland with a combined value of approximately £2.3bn.