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LondonMetric and Schroder REIT to acquire Picton Property in GBP 403 million share deal

#International News#United Kingdom
Last Updated : 15th May, 2026
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Synopsis

UK-based Picton Property Income has agreed to a GBP 403 million (USD 546.4 million) all-share takeover by a consortium comprising LondonMetric Property and Schroder Real Estate Investment Trust (REIT). The deal values Picton at 78.2 pence per share, representing a premium of around 7% over its previous closing price. Under the transaction, Picton shareholders will receive shares in both acquiring companies, allowing them to continue participating in the combined property portfolios. The acquisition is expected to strengthen the scale and market presence of LondonMetric and Schroder REIT in the UK real estate investment sector.

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UK-based Picton Property Income has agreed to a GBP 403 million (USD 546.4 million) all-share takeover offer from a consortium comprising LondonMetric Property and Schroder Real Estate Investment Trust.


The acquisition values Picton Property at 78.2 pence per share. Shareholders of the company will receive 0.190 shares in LondonMetric Property and 0.881 shares in Schroder REIT for every Picton share they hold.

The agreed offer represents a premium of nearly 7% compared to Picton Property’s previous market closing price. The structure of the transaction will allow existing Picton shareholders to retain exposure to the company’s property assets through holdings in two larger listed real estate investment trusts in the UK market.

LondonMetric Property and Schroder REIT stated that the proposed transaction is expected to provide shareholders with greater scale, portfolio diversification and improved market liquidity through participation in larger REIT platforms.

The deal comes at a time when consolidation activity in the UK real estate investment trust sector has been increasing amid pressure on property valuations, refinancing costs and investor returns. Several listed property companies in the UK market have been exploring mergers, portfolio sales and strategic partnerships to improve operational efficiency and strengthen balance sheets.

Picton Property Income primarily focuses on managing a diversified UK commercial property portfolio across office, industrial and retail assets. LondonMetric has continued expanding its logistics and income-focused real estate portfolio in recent years, while Schroder REIT has been actively repositioning assets and increasing exposure to sectors with stable rental demand.

The proposed acquisition remains subject to shareholder and regulatory approvals.

Source Reuters
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