LondonMetric and Schroder REIT (SREIT) have tabled a bid to acquire Picton Property Income.
Under the terms of the all-share deal, Picton shareholders would receive 0.190 LondonMetric shares and 0.881 SREIT shares per Picton share held, valuing the entire issued and to be issued share capital of Picton at £403.4m. The offer implies a value of 78.2p per Picton share, of which 46% relates to LondonMetric shares and 54% relates to SREIT shares,
The deal implies a premium of approximately 7% to the closing Picton share price of 73.1p as at 11 May 2026 and a premium of approximately 0.9% to the Picton share price of 77.5p at close of business on 12 January 2026.
The board of Picton has stated it would be minded to unanimously recommend the offer to shareholders. LondonMetric and SREIT have received a letter of intent from TR Property Investment Trust, which owns circa 11.4% of Picton shares, to vote in favour of the proposed offer.
The current intention is for the enlarged SREIT group to be led by Nick Montgomery and Bradley Biggins, who serve as the company’s existing fund managers.
In January this year, the board of Picton Property launched a strategic review to “explore all options available to maximise value for shareholders”. As part of the review, the board said it would consider options for a merger with other UK REITs, alongside other forms of consolidation, combination, or a sale of the business.
In February this year, Picton confirmed interest from LondonMetric in relation to the company’s strategic review and formal sale process.
