Andrew Jones has a track record of making mergers work. Three years after founding Metric in 2010, he a navigated a merger with London & Stamford to create LondonMetric (LMP), where he is currently chief executive. Under Jones' leadership, LondonMetric has since gobbled up A&J Mucklow and CT Property Trust. Shares in the FTSE 350 real estate investment trust (Reit) have increased by two-thirds over that time, and it has increased its dividend for the past nine years.
- Discount to NAV
- Nine years of dividend hikes
- Track record of smart deals
- Consistent rental growth
- Development shy
- LXi deal not guaranteed
Jones now wants to acquire LXi Reit (LXI), and we are hopeful that he can make a success of this too. The revelation that the two trusts were in deal talks came as a surprise to some analysts, although it wasn't necessarily an unpleasant one: with much to admire in a hypothetical combination, the prospect of LondonMetric emerging stronger means it could be a prime opportunity to buy in.