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F&C Commercial Property Trust Ltd. said April 23 that its board received a proposal from Ignis Investment Services Ltd., a subsidiary of Phoenix Group Holdings and the investment manager of UK Commercial Property Trust Ltd., for a liquidation scheme and reconstruction of the company.
The scheme would result in the merger of F&C Commercial Property and UK Commercial Property.
Ignis' plan calls for the sale of all the property-holding subsidiaries of F&C Commercial Property, together with the associated debt, in exchange for the issue of...