Property trust merger creates £1.6bn giant - Business - Evening Standard
       

Property trust merger creates £1.6bn giant

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09 June 2010

Two of Britain's largest property investment trusts today announced a merger creating a £1.6 billion company ranking as the stock market's sixth-biggest property combine.

UK Commercial Property Trust, managed by Ignis, is taking over F&C Commercial Property Trust. Investors are being offered new UKCPT shares or 91p in cash for the FCPT shares.

The combined group will own 38 properties valued at £860 million producing rent of £61 million a year.

As part of the deal Ignis has said it will cut its annual management fees.

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