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Picton Property has said that the revised proposed acquisition offer from LondonMetric Property and Schroder Real Estate Investment Trust (SREIT) values the company at GBP 397 million, or 77 pence per share. Under the revised proposal, Picton shareholders would receive a combination of LondonMetric and SREIT shares for each Picton share they hold. The latest update follows the consortium's ongoing pursuit of Picton and reflects revised transaction terms as discussions continue. The proposal remains subject to the customary corporate process and shareholder approvals.
Picton Property has announced a further update on the revised proposed acquisition offer made jointly by LondonMetric Property and Schroder Real Estate Investment Trust (SREIT), with the latest proposal valuing the company at GBP 397 million, or 77 pence per share.
Under the revised terms, Picton shareholders would receive 0.190 LondonMetric shares and 0.894 SREIT shares for every Picton share they own. The revised share exchange ratio forms the consideration offered to Picton investors under the latest proposal.
The updated valuation represents the latest step in the proposed transaction between the companies. Picton informed shareholders that the revised offer reflects the updated terms submitted by LondonMetric Property and Schroder Real Estate Investment Trust as the acquisition process continues.
The proposed combination brings together three UK-listed real estate investment companies. LondonMetric Property has been expanding its portfolio across logistics, urban warehousing, retail parks and long-income assets through acquisitions in recent years, while Schroder Real Estate Investment Trust manages a diversified portfolio of income-producing commercial properties across the UK. Picton Property also owns a diversified portfolio of UK commercial real estate assets.
The proposed transaction remains subject to the required corporate procedures, regulatory requirements where applicable and approvals from shareholders before it can be completed.
Source Reuters
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