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UK property trusts in £1.6bn merger

F&C Commercial Property Trust and UK Commercial Property Trust to merge

09 June 2010

The F&C Commercial Property Trust (FCPT) and UK Commercial Property Trust (UKCPT) have agreed to merge.

The newly-formed firm will be the sixth largest-listed property company with a market capitalisation of around £1.6 billion.

FCPT will be liquidised and its investors will be offered a cash alternative of 91 pence for each share, while new ordinary shares will be issued by UKCPT.

Ignis, the firm who manage the UKCPT, has been appointed to run the new business.

Gary Hutcheson, property investment director at Ignis, claimed that the move would benefit both firms.

He told Reuters: "They both bring something to the party. UKCPT has longer lease lengths and a better income and covenant profile, while FCPT brings better London and South Eastern exposure and better potential for short-term performance."

The enlarged trust is also expected to improve access to debt due to the UKCPT's large cash reserves.

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