Tritax Big Box makes £924m bid for UKCP

(Sharecast News) - Tritax Big Box said it had agreed terms on a possible bid for UK Commercial Property REIT in an all-share deal worth £924m.

The company on Monday said it had offered 0.444 new Tritax shares for every UKCP share, leaving it with 76.7% of the merged group and UKCM shareholders with the remainder.

It also represents a 10.8% premium to UKCP's closing share price of 64.2 pence per share on February 9.

Tritax said the boards of both companies believe the potential offer would "bring together complementary logistics-oriented investment portfolios with a shared focus on resilient and growing income".

Phoenix Life and Investec Wealth & Investment UK - which hold 56.5% of UKCP - have indicated they will accept the offer on current terms, it added.

Reporting by Frank Prenesti for Sharecast.com