F&C Commercial Property Trust restructure

F&C Commercial Property Trust has created a new holding company, New FCPT Ltd, after receiving acceptances for its proposed restructuring from 94% of shareholders.

The £600m investment trust is managed by Richard Kirby at F&C Reit Asset Management and pays dividends monthly. The new holding company will give the trust greater flexibility over borrowings and will widen the scope of its investment strategy, allowing it to invest up to 15% of its assets in listed property securities. However, the trust has no immediate plans to increase either its borrowings or its weighting in listed property.

Company news can now be found under the Stock Exchange ticker FCPX, rather than the previous FCPT.