Reuters reports UK Commercial Property Trust (UKCM.L) (UKCPT) is taking over F&C Commercial Property Trust (FCPTL.L) (FCTP) to create Britain's sixth-largest listed property company, worth about 1.6 billion pounds ($2.5 billion).
UKCPT's move follows the sale in April of a 16.5 percent stake in FCPT to the Phoenix Group, the parent company of UKCPT manager Ignis Asset Management Limited, from key FCTP shareholder Friends Provident.
Friends Provident and Phoenix, which have a combined 50.3 percent stake in FCPT, agreed on the deal, which is subject to approval from the trust's independent shareholders.
The combined portfolio would have a 60.5 percent weighting to London and the South East, with 27 percent of assets located in the capital's popular West End business district, research from UKCPT advisor Execution Noble showed.
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