Tritax Big Box agrees takeover of UK Commercial Property to create £4bn REIT

UK's fourth-largest REIT

Real estate investment trust Tritax Big Box (BBOX) has reached an agreement to take over UK Commercial Property REIT (UKCM) in an all-share offer, creating the UK’s fourth-largest REIT with a combined £3.9bn market capitalisation.

In a stock exchange notice today (12 February), the trusts said the net asset value for NAV all-share deal values UKCM at £924m, a 10.7% premium to the closing price last Friday (9 February). As part of the deal, UKCM shareholders will receive 0.444 new ordinary BBOX shares for each UKCM share held. The possible offer, subject to shareholder approval, would result in UKCM shareholders holding approximately 23.3% of the combined entity. LXi REIT agrees to £1.9bn LondonMetric takeover deal The merged entity would be externally managed by Tritax, with cost savings coming from the unif...