Picton Property still for merger with UK Commercial Property

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Picton Property Income Ltd – UK commercial property-focused real estate investment trust – Still vouches for merger with UK Commercial Property REIT, despite the latter’s largest shareholder not supporting a merger which lead to discussions between the two companies being terminated in November. UK Commercial’s largest shareholder Phoenix Life Ltd has a holding of about 43% in UK Commercial Property. Phoenix does not support the deal “on the terms proposed”, both companies said last month. Picton Property says on Tuesday it “continues to believe that there are 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 and build on the company’s long-term track record of outperformance against the MSCI UK Quarterly Property Index since its launch in 2005. FTSE 250-listed UK Commercial Property is managed by abrdn PLC.

Current Picton Property stock price: 64.16 pence, up 0.4% on Tuesday

12-month change: down 25%

Current UK Commercial Property stock price: 57.50 pence, up 0.2% on Tuesday

12-month change: down 3.7%

By Tom Budszus, Alliance News slot editor

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