F&C Commercial Property agrees £1.6bn trust merger

Under the terms of the deal, FCPT Shareholders will receive new UKCPT shares on a NAV for NAV basis. Alternatively, there is the option of a cash exit for FCPT shareholders at 91p per share. Subject to shareholder approval, the enlarged UKCPT is expected to become the sixth largest UK listed property company, with a market capitalisation of £1.6bn. The proposed merger will lead to a reduction in the TER to 0.7%. UKCPT chairman Chris Hill says: "We are of the firm belief that the benefits and economies of combining the two highly complementary portfolios, together with the anticipated ...