CMS has advised FTSE 250 REIT LondonMetric Property Plc on a £120 million placing which the listed company intends to use to fund further distribution and long income acquisitions.
LondonMetric owns one of the UK’s leading listed logistics platforms alongside a diversified long income portfolio, owning and managing desirable assets that meet occupiers’ demands and outperforming over the long term. LondonMetric has 16 million sq. ft. under management.
The CMS team included Kristy Duane, Gordon Anton, Sophie Curran, Harry Cross and Dan Myers (Corporate) and David Rivera (US securities law).
Commenting on the transaction, CMS Corporate partner Kristy Duane, said: “We are pleased to have assisted LondonMetric on this successful placing – the fundraising was heavily oversubscribed, demonstrating a huge appetite from investors for reliable income generating investments. In light of current market challenges, retailers are undertaking sales and leasebacks and, as a result, attractive assets are coming onto the market. Following the placing, LondonMetric is well-positioned to capitalise on the strong investment opportunities available.”
Since the commencement of lockdown measures in the UK, CMS has advised on eight successful secondary fundraisings. Immediately prior to the lockdown partner Kristy Duane advised Aquila European Renewables Income Fund on its €40m placing which was also upsized.
These successful transactions demonstrate the strength of the firm’s client base and investors’ continued support for UK-listed companies. CMS was also ranked joint most active legal adviser on ECM transactions in Q1 2020 according to ECM Insight’s Q1 2020 Report.