UKCM shareholders vote for Tritax merger

The majority of UK Commercial Property REIT’s shareholders have voted in favour of an all-share merger with rival Tritax Big Box REIT. Around 95% of votes supported the proposed combination, which is slated to create the fourth largest REIT in the UK with a combined value of £4.4bn. UKCM chairman Peter Pereira Gray abstained from voting, having previously set out his objections to the takeover. Margaret Littlejohns, senior independent director of UKCM, said the deal received “overwhelming support”, and added: “We believe this clearly demonstrates shareholders’ belief in the compelling benefits that the combination with Tritax Big Box REIT brings.” The boards of both Tritax Big Box REIT and UKCM reached an agreement on the all-share deal in March.  At the same time, Pereira Gray outlined his belief that other parties would have stepped forward if there was a “more open and comprehensive sales process”. He added that an orderly liquidation would produce a higher net return for shareholders than the offer price, but acknowledged that the merger could potentially deliver higher value to UKCM shareholders over time. Photo © Gerd Altmann/Pixabay