Jan 11 Reuters British landlord LondonMetric Property LMPL.L will acquire Londonbased real estate investment trust REIT LXI LXIL.L in a deal valued at 1.9 billion pounds 2.43 billion, the companies said on Thursday.

Under the terms of the deal, each LXI shareholder will get 0.55 new LondonMetric shares for every share held. This represents a premium of about 9 to LXI39;s closing price before the offer period began in December.

LXI directors intend to recommend unanimously that shareholders vote in favour of the deal, which is aimed at creating a new major REIT focused on greater scale and sectors with high barriers to entry.

LondonMetric, also a REIT, mainly owns logistic platforms alongside a groceryled longincome portfolio, while LXI invests in varied sectors, including healthcare, budget hotels, theme parks, food stores, industrial, pubs, and education.

1 0.7831 pounds

Reporting by Eva Mathews in Bengaluru; Editing by Janane Venkatraman

Source Reuters