UK Commercial Property Trust and F&C Commercial Property, two of the UK's largest commercial property investment trusts, are merging to form the sixth largest UK listed property company.The new company will have a market capitalisation of approximately £1.6bn, with the merger expected to enhance the liquidity of the enlarged company's shares,take on larger projects and enable it to move into asset management.Costs are also expected to be lower, with the merged trust's Total Expense Ratio expected to fall to 0.7% per annum largely through a reduction in the level of management fees payable to Ignis. Terms of the deal are for F&C Commercial shareholders to receive either new UK Commercial Property shares or 91p in cash in they want to exit the group.Friends Provident and Phoenix Group, which together hold 50.3% of the issued F&C Commercial shares, have accepted and will take new UK Commercial shares.UK Porperty trust and F&C Commercail