UK Commercial Property REIT merger with Picton dropped on Phoenix Life dissent

Largest shareholder

Elliot Gulliver-Needham
clock • 2 min read

The merger between £760m UK Commercial Property REIT (UKCM) and £371m Picton Property Income has been dropped following a lack of support from UKCM's largest shareholder, Phoenix Life.

The trust had announced on 8 November that it was in discussions with Picton regarding a possible all-share merger. However, it said today (21 November) that it would be terminating discussions on the matter. Picton added that it is considering the feedback it had received from shareholders in both trusts and will make a further announcement "in due course". Jupiter to absorb GAM UK Equity Income fund as portfolio manager duo join As required by the UK's takeover code, both trusts must state by 6 December whether they have a firm intention to make an offer, or announce they do not ...

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