- SHED offer represents a premium to CREI's offer
- But Custodian share price movement affects premium
Two real estate investment trusts (Reits) are battling to take over Abrdn Property Income Trust (API) as merger and acquisition activity heats up in the recovering real estate sector.
Urban Logistics Reit (SHED) has approached API about a "share-for-share" takeover at 59.2p per share to make a FTSE 250 urban logistics-focused Reit with a market cap of over £800mn. The offer, disclosed after market close on Tuesday, is 13 per cent higher than the 52.4p-a-share all-share offer Custodian Reit (CREI) made in January, backed by the API and Custodian boards.