In QuotedData’s morning briefing 7 April 2025:

• Gabelli Merger Plus+ Trust (GMP) has announced that its change of name to Gabelli Merchant Partners Plc became effective from 2 April 2025. GMP’s shares will begin trading under the new name on the Specialist Fund Segment (SFS) of the London Stock Exchange from 8am today (7 April 2025). The trust’s ticker (ISIN) and SEDOL remain unchanged. Co-chairman Marc Gabelli commented that the new name reflects the evolution of the trust’s investment strategy, which continues to focus on event-driven arbitrage using the Gabelli private market value with a catalyst approach. He added that the updated branding better captures the company’s broader remit, including minority and potential controlling investments, particularly as global trade policies shift.

[QD comment: Although GMP’s announcement makes no mention of it, we note that the name change also reflects the fact that GMP is no longer an investment trust.]

• LondonMetric Property (LMP) has sold £40.4m of mature and non-core urban warehousing, reflecting a net initial yield (NIY) of 4.3%. The five assets have been sold in separate transactions to owner occupiers and long only funds, and comprise three London warehouses in Walthamstow, Park Royal and Croydon (sold for £30.8m) and reflecting a NIY of 3.9%; and two warehouses in Birmingham and Aberdeen, sold for £9.6m and reflecting a NIY of 5.7%. The sales were in line with 30 September book values and have delivered a profit on cost of 30% and an ungeared IRR of 10%. Over the year to 31 March 2025, LondonMetric has sold over 70 assets for £347m at 1.6% above prevailing book values.

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