Last checked at 4 Sep 2008 15:08
RIS ANNOUNCEMENT
F&C COMMERCIAL PROPERTY TRUST LIMITED
4 September 2008
PROPERTY MANAGEMENT CHANGES
The Board of F&C Commercial Property Trust Limited (the "Company") refers to its announcement on 22 July 2008 regarding the proposed establishment of F&C REIT Asset Management LLP (the "Proposal") through the combination of the property management business of F&C Investment Business Limited ("FCIB") with REIT Asset Management, a partnership. The Board notes today's announcement by F&C Asset Management plc confirming that Proposal has completed.
The Board has carefully considered the effect of the Proposal for the ongoing management of the Company. The Board, acting on advice, requested a number of confirmations and assurances from FCIB in connection with the Proposals. Following FCIB's satisfactory responses, the Company has consented to the delegation by FCIB of the property management operations of the Company and its group to F&C Property Asset Management plc, a subsidiary of F&C REIT Asset Management LLP. Notwithstanding the delegation of some of the management functions, FCIB remains the investment manager of the Company and its group.
The Board will continue to monitor closely the impact of the new structure on the investment management of the Company's assets going forward to ensure this remains in line with the Company's stated strategy and performance objectives.
All enquiries:
Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited
0131 226 4411
Douglas Armstrong, Dickson Minto W.S.
020 7628 4455