(This article was originally published Thursday.) By Rachael Gormley Of DOW JONES NEWSWIRES LONDON (Dow Jones)--A shareholder in both F&C Commercial Property Trust Ltd. (FCPT.LN) and UK Commercial Property Trust Ltd. (UKCM.LN) Thursday said he plans to oppose a merger of the two. Max King, a portfolio manager in the global asset allocation team at Investec Asset Management, said the deal would reduce choice in the sector and has little value for shareholders. "There's a lot of value [in both trusts] and we don't want to see their plans diluted," he said. F&C Commercial Property Trust and UK Commercial Property Trust agreed to merge in early June and said the enlarged trust--which would have a portfolio worth GBP1.6 billion--will be able to save on fees, attract more investors and get involved in bigger property deals. The proposed merger has been agreed by the trusts' boards and has the backing of insurers Phoenix Group Holdings (PGH.AE) and Friends Provident, a unit of Resolution Ltd. (RSL.LN). Together, they own just over 50% of the F&C trust's shares. However, the merger was opposed by fund manager F&C Asset Management PLC (FCAM.LN), which manages FCPT. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires July 02, 2010 01:30 ET (05:30 GMT)