The Ignis-managed £979m UK Commercial Property trust is trying to merge with F&C Commercial Property trust to create one of the biggest vehicles in the sector.
Life funds within the Ignis parent Phoenix Group have bought just over 16% of the £640m F&C Commercial Property trust from Friends Provident subsidiaries. Ignis has put proposals to both boards for a merger of the two companies which have the backing of both the Pheonix Group life funds and the Friends Provident subsidiaries. Phoenix & Ignis say the merger would create a strengthened portfolio as well as reducing the expense ratio. "The merger would create one of the largest UK listed property companies with a larger free float and greater liquidity making it more attractive to ins...
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