F&C will merge its property asset management business with REIT to form a new brand F&C REIT, which will hold a combined £8.5bn of assets under management.
F&C will be the majority owners of the new entity, with a 70pc stake, with the owners of REIT to hold the remaining 30pc share. In addition, F&C will pay the owners of REIT consideration of £25m cash and £35m loan notes. REIT is a property asset manager with an international portfolio valued in excess of £3.5bn, focused on commercial property investments in the UK and Europe. REIT's owners will take an active role in the new combined brand, with Leo Noé as executive chairman and Ivor Smith as executive member. Nick Criticos of F&C will be chief executive. The deal is scheduled for...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
