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 ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
