Picton Property Income rules out offer for UK Commercial Property merger after shareholder opposition

Lack of support from Phoenix Life

Valeria Martinez
clock • 2 min read

Picton Property Income (PCTN) has confirmed it does not intend to make an offer for UK Commercial Property REIT (UKCM).

The move follows last month's announcement that UKCM's largest shareholder, Phoenix Life, would not back the possible all-share merger on the proposed terms, and the subsequent termination of discussions between both trusts. In a stock exchange notice today (5 December), PCTN said the board continues to believe there were "strategic and financial" benefits to combining complementary businesses to enhance scale, diversification and efficiency within an internal management structure. "Picton will continue to be proactive in pursuing opportunities that would add value for shareholders an...

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