F&C to merge property business with REIT

Under plans unveiled this morning, F&C will pay REIT owners £25m cash and £35m in loan notes for a 70% ownership of the new firm. Specialist property boutique REIT Asset Management is wholly owned by founding partners Leo Noé (75%) and Ivor Smith (25%), while its discretionary trusts business REIT Worldwide is owned by the trusts for the benefit of the Noé and Smith families. F&C UK retail chief Nick Criticos will be the new firm’s chief executive, with Noé appointed executive chairman and Smith named executive member. The deal requires the approval of F&C's shareholders, with major o...