LONDON, July 2 (Reuters) – U.S.-based investment manager
Columbia Threadneedle and Germany’s Patrizia have agreed to
merge their British property trusts, the companies said on
Thursday, in line with a trend for real estate investors to seek
increased scale to weather high borrowing costs.
* The deal will create a combined fund with around £1.5
billion ($2 billion) of assets spanning warehouses, offices,
retail and residential.
* Shareholders in Patrizia Hanover Property Unit Trust, or
PATH, have voted in favour of merging with Threadneedle Property
Unit Trust, a statement said.
* It said PATH chose the option after a strategic review.
* In other deals in the sector, Blackstone took over
Warehouse REIT last year, while Primary Health Properties
merged with Assura.
* Last week, U.S. logistics firm Prologis made
public a £12.6 billion takeover proposal for Britain’s Segro
, which had been rejected.
* “Having now successfully completed two major fund
consolidation transactions, we believe Columbia Threadneedle is
increasingly recognised as a partner that can help clients
navigate a changing real estate market,” said Joseph Vullo, Head
of Real Estate, Europe at Columbia Threadneedle Investments.
($1 = 0.7517 pounds)
(Reporting by Iain Withers; editing by Barbara Lewis)
Corporate News Banking Real Estate 
Blackstone 
Primary Health 
Prologis 
Segro