- Combined group's portfolio would be 44 per cent warehouses
- 'We've heard the call for consolidation' says Custodian CEO
Custodian Reit (CREI) will snap up Abrdn Property Income Trust (API) in an all-share takeover to create a real estate investment trust (Reit) with a £1bn portfolio, the boards of both property companies have agreed. This is the latest in a string of deals as the sector looks to cut down discounts.
"There have been calls for consolidation in the sector. We understand why, and we've heard those calls," Richard Shepherd-Cross, chief executive of Custodian, told Investors' Chronicle, adding that "where there has been consolidation, it has broadly been met with positive news".