LONDON (Dow Jones)--Two U.K. commercial property trusts Wednesday said they agreed to merge in a deal that will create a property company with a portfolio worth GBP1.6 billion. F&C Commercial Property Trust Ltd. (FCPT.LN) and UK Commercial Property Trust Ltd. (UKCM.LN) said the enlarged trust will be able to save on fees, attract more investors and get involved in bigger property deals. Under the terms of the deal, shareholders in the F&C trust can choose to receive shares in UK Commercial Property Trust or 91 pence in cash for each share held. F&C Commercial Property Trust shareholders choosing the share option will receive UK Commercial Property Trust shares with a net asset value equivalent to the net asset value of their F&C shares. The enlarged trust is expected to become the U.K.'s sixth largest property company, with a market value of about GBP1.6 billion. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com (END) Dow Jones Newswires June 09, 2010 02:33 ET (06:33 GMT)