Tritax is buying rival UK Commercial Property REIT
Warehouse giant Tritax Big Box is set to become a £4bn property titan after agreeing to buy rival UK Commercial Property REIT (UKCM) for £924 million.
Tritax, known for owning large warehouses often found near motorways and housing major tenants like Ocado, Amazon and B&Q, said the merger will “bring together complementary logistics-oriented investment portfolios with a shared focus on resilient and growing income”. The smaller firm, UKCM, has investments in shopping centres, office buildings and distribution centres.
It came after reports over the weekend by industry title React that Tritax Big Box had made an “indicative proposal” for an all-share merger between the London-listed rivals. Bosses at Tritax said the deal will bring together a real estate portfolio worth around £6.3 billion focused on the logistics sector.
The deal values UKCM at 71.1p per share, a 10.8% premium on its Friday closing price. Tritax bosses believe the merger will enhance their customer offering through a high-quality logistics portfolio across a broader range of property sizes and tenant uses, from ‘Mega-Boxes’ to smaller, strategically located, logistics assets within key urban locations.
Shares in UKCM rose by 4.7% in early trading on Monday, while Tritax saw a decrease, trading 2.1% lower.
News Related-
Recall Just Announced For Popular Cookies Featured In Holiday Gift Baskets
-
Eagles rally past Bills in overtime as Chiefs win
-
Reality bites the green energy agenda
-
Sandigan orders Marcos Sr. pal to pay workers
-
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated
-
The mayor of Paris is making a loud exit from X, calling the platform a 'gigantic global sewer'
-
Rain showers, thunderstorms over Luzon, including Metro Manila — Pagasa
-
'Naruto' live-action film adaptation is in the works
-
NASA Highlights Stingray Nebula
-
Manila's Lagusnilad underpass opens
-
China probes debt-ridden financial giant
-
China's VUCA situation
-
Unraveling the mystery that is diabetes
-
Bangladesh's nuke plant is not going to steal PH investments