F&C fights off Ignis to retain £617m Commercial Property trust

After a rejection of the merger by independent shareholders last month, the board of FCPT served notice on its management agreement with F&C Reit. However, following a review on the future of FCPT, it has decided to retain F&C Reit as manager. Under the new agreement, annual management fees, including performance fees, will be capped at 0.6% of average total assets, reduced from 1%. The base management fee has been reduced from 0.6% of the gross value invested down to 0.5% of net assets per annum, and 0.25% on cash net of gearing in excess of 5% of net assets. The changes come i...