Tritax Big Box proposes to acquire UK Commercial Property (UKCP) for GBP 924 million, aiming to become the UK�s fourth largest REIT. Each UKCP shareholder would receive 0.444 Tritax shares. Directors unanimously support the deal, anticipating asset management opportunities from UKCP�s GBP 475 million non-logistics assets. The merger forecasts GBP 4 million annual cost savings. Initial market response is positive, with Tritax and UKCP shares climbing by 1.5% and 1.7% respectively in early trading.
0:00
0:00
Tritax Big Box aims to strengthen its position in the real estate market, it has announced plans to acquire UK Commercial Property (UKCP), a move that would propel it to become the fourth largest Real Estate Investment Trust (REIT) in the UK.
The proposed acquisition, valued at approximately GBP 924 million (USD 1.18 billion), marks a significant step for Tritax Big Box. Under the terms of the agreement, each shareholder of UKCP stands to receive 0.444 new shares of Tritax for every UKCP share they currently own. This valuation, based on Tritax�s closing price of 160.2 pence on February 9th, signifies a premium of 10.8% compared to UKCP�s closing price of 64.2 pence on the same day.
The decision has received a vote of confidence from UKCP directors, who intend to unanimously recommend that shareholders vote in favor of the deal during the company�s upcoming general meeting. This endorsement comes as Tritax highlights the potential benefits of the acquisition, including attractive asset management and capital recycling opportunities stemming from UKCP�s non-logistics assets, valued at GBP 475 million. Furthermore, Tritax anticipates immediate cost savings of approximately GBP 4 million per year following the merger.
Market reactions to the announcement have been positive, with Tritax�s shares rising by 1.5% and UKCP�s shares experiencing a 1.7% increase in early trading. This indicates investor optimism surrounding the proposed deal and its potential to create value for both companies and their stakeholders.
With the acquisition poised to reshape the landscape of the UK real estate market, Tritax Big Box�s bold move signals its ambition to strengthen its position as a leading player in the industry. As shareholders await the outcome of the impending vote, all eyes are on Tritax and UKCP as they navigate this pivotal moment in their respective trajectories.
This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Prop News Time reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Prop News Time for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Prop News Time will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 (“RERA”) and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Prop News Time accepts no responsibility for keeping the information on this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Prop News Time does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention of third-party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Prop News Time accepts no responsibility for the content, reliability and information provided on these third-party websites. Prop News Time will not be held liable for any personal information or data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Prop News Time is not liable for the same. All details in the form of news stories, photos and videos provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. This Site is for guidance only. Your use of this Site – including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional–client relationship between you and Prop News Time. Prop News Time cannot accept you as a client until certain formalities and requirements are met.
Cookie Disclaimer
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy
Facebook
Whatsapp
