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New owners for shopping centres after bank buyout

New owners for shopping centres after bank buyout

Two shopping centres in Aberdeen and another in Inverness are part of a £708million takeover by Canada’s oldest bank.

The deal, announced yesterday, also means a change of ownership for part of the Prime Four business park on the outskirts of Aberdeen.

London-listed F&C Asset Management, which manages the world’s oldest investment fund, said it had agreed to the takeover by Canada’s Bank of Montreal.

It would double the size of the bank’s global fund management arm, adding F&C’s £82.1billion.

But the deal requires shareholder approval and Edinburgh-based Standard Life Investments (SLI), which owns just over 10% of F&C, said it would “keep our options open” for a potential higher rival offer.

David Cumming, global head of equities at SLI, part of Scottish insurance giant Standard Life, said: “The price agreed represents an attractive valuation from the standpoint of the Canadian bank.

“Consequently, we intend to keep our options open should another suitor for F&C emerge.”

Aberdeen’s Bon Accord and St Nicholas shopping centres were acquired by an F&C subsidiary, F&C REIT, in October for nearly £190million.

It came just six months after the firm bought the Eastgate Centre in Inverness as part of a £250million deal.

In 2012, F&C Commercial Property Trust agreed to pay £94million to Drum Property Group for the first phase of Prime Four business park at Kingswells, Aberdeen.

F&C Asset Management, which traces its roots back to the formation of the Foreign and Colonial Government Trust in 1868, said its takeover by Bank of Montreal’s global assent management arm was a “unique opportunity to broaden and accelerate our ambitions”.

The bank’s £1.20 per share offer is just over 28% higher than F&C’s closing price on Friday.

Bank of Montreal said the UK and European markets were “strategically important” to it, while F&C boss Richard Wilson said both firms were “truly complementary”, adding the offer was a “very positive outcome” for clients and employees.

F&C said it was in advanced talks with the suitor and was likely to recommend the all-cash offer.

The deal comes after a difficult past few years for F&C, whose under-performance led to a boardroom coup by US activist investor Edward Bramson in 2011.

Mr Bramson stepped down as chairman last August.