SHARES in listed investment vehicle CT Property Trust yesterday rocketed after the firm announced it had struck a £200m deal to sell itself to bigger rival Londonmetric.

Londonmetric, a FTSE 250 real estate investment trust (REIT), yesterday said it had agreed an all share offer for CTPT at a value of 85.5p per share. The offer marks a 34 per cent premium on CTPT's share price before the offer period began.

Shares in CTPT surged to close up 25 per cent yesterday.

Bosses at the firm have now recommended the offer to shareholders and said the deal had a "compelling strategic and financial rationale for shareholders in both Londonmetric and CTPT".

A tie-up between the two firms would create an organisation with some £3.3bn in combined assets.

(c) 2023 City A.M., source Newspaper