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Nick Leslau and Sandy Gumm, shareholders in LXi until LondonMetric bought its fellow real estate investment trust (Reit) last year, have sold 26.4mn shares at 178.7p a share. The sale, made via their vehicle Prestbury Management Holdings, amounts to £47mn.
Leslau and Gumm were members of the Prestbury management team, once responsible for the investment management of Secure Income Reit. Secure Income merged with LXi in 2022. Following the transaction, Prestbury’s shares were subject to a one-year lock-up during which they were unable to sell their shares. LondonMetric and LXi merged in March last year, meaning the shares were subject to another 12-month lock-up period.
Following the sale, Leslau retains 26.4mn shares, a 1.3 per cent stake, while Gumm holds 351,640 shares. Both continue to serve as non-executive directors on LondonMetric’s board.
LondonMetric, a Reit specialising in triple net leases (where tenants pay operating expenses for the property as well as rent), has been on a merger spree recently, also buying up fellow Reit CT Property Trust. The former reported a 102 per cent increase in pre-tax profit at its half-year results in November.
