M&A is in the air! The year kicked off with the £1.9bn merger of Lxi REIT and London Metric and, of late, the listed property world has looked on with an arched eyebrow at Tritax Big Box’s attempt to gobble up UKCM. There have been suggestions of leaks, counter leaks, briefings and all sorts of corporate fun and games, including the chairman of the target company (UKCM) voting against the proposed takeover terms that his own Board supported. Broker Stifel and Fund Manager Marcus Phayre-Mudge have both raised questions about the deal and whether it offers the best option for minority UKCM shareholders. At a time when sterling-denominated UK stocks in general, and UK Real estate stocks in particular, are seen as representing good value relative to private assets and other equity markets, it might be a good moment for The Takeover panel to be sure it has its house in order. It would not want to slip up if, say, British Land and Land Securities decided it was time to dance. Not that we have heard anything of course.