Abrdn’s UK Commercial Property REIT has confirmed that it is in talks with Picton Property Income for an all-share merger.
UKCM said it had been approached by Picton about the merger, which would unite UKCM’s £1.32bn portfolio with Picton’s £761m portfolio.
UKCM said the merger would be conducted on an EPRA NTA for EPRA NTA basis.
It added that it was “aware of speculation” and confirmed that discussions were taking place.
In accordance with stock exchange rules, Picton is required to announce a firm intention to make an offer by 5pm on 6 December 2023, or walk away.
However, the deadline can be extended with the consent of the Takeover Panel.
UKCM added that its announcement had not been made with Picton’s consent.
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