A family-owned Black Country property group has been acquired in a £415 million deal.
A&J Mucklow Group, which was founded in 1933 and has been on the London Stock Exchange for nearly 60 years, has been bought by property investor LondonMetric.
Halesown-based A&J Mucklow specialises in the investment, acquisition and disposal of properties while its London-based purchaser focuses on retailer-led distribution and out of town units.
The combined group is expected to have property assets worth £2.3 billion in the Midlands and South East and total rental income of £115.8 million.
Rupert Mucklow, chairman and chief executive of Mucklow, said: "I am confident LondonMetric is the right fit for Mucklow.
"LondonMetric has a complementary portfolio which mirrors Mucklow's focus on high-quality income producing properties and the LondonMetric management team has the necessary expertise to build on the success that Mucklow has achieved over the 57 years it has been a listed company.
"The combination recognises the value of the Mucklow portfolio and resolves the uncertainty around succession planning.
"I am excited about the future for the combined group as a more resilient and diversified 海角视频-REIT."
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A&J Mucklow was founded by Albert Mucklow and Jothan Mucklow, the great uncle and grandfather respectively of Rupert Mucklow.
The company ceased house building in the 1990s and focused its business towards investing and developing industrial and commercial properties.
Mr Mucklow is set step down from his roles in due course.
LondonMetric's chairman Patrick Vaughan added: "The combination of their assets, of which approximately 70 per cent is in distribution and industrial property, is consistent with our strategy of increasing our urban logistics exposure.
"The combination has compelling strategic and portfolio rationale with strong operational and financial benefits.
"I am delighted to say that we think this deal will be immediately earnings enhancing for shareholders.
"There will be work to do but we are excited by the reversionary and asset management potential of their assets which will underpin and further support our progressive dividend policy."