Business
Response to Announcement by Picton
LondonMetric Property Plc and Schroder Real Estate Investment Trust Limited, as a consortium, are considering a possible all-share offer for Picton Property Income Limited, having submitted a non-binding proposal on March 4, 2026. This potential transaction aims to provide Picton shareholders with an accelerated return and the opportunity to roll their holdings into two established UK REITs. The consortium reserves the right to introduce different forms of consideration. As of the announcement date, Schroder Real Estate Investment Trust Limited had 489,110,576 ordinary shares in issue, excluding treasury shares. Disclaimer*
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \nTHIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS OF ANY SUCH OFFER.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION IN RELATION TO LONDONMETRIC PROPERTY PLC AND SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED.\n \nFOR IMMEDIATE RELEASE\n \n24 March 2026\n \n \nResponse to Announcement by Picton Property Income Limited (\"Picton\")\n \nIn response to the announcement by Picton on 24 March 2026, LondonMetric Property Plc (\"LondonMetric\") and Schroder Real Estate Investment Trust Limited (\"SREIT\") (together, the \"Consortium\") confirm that they are considering a possible offer for Picton.\n \nThe Consortium confirms that discussions with Picton are at an early stage and that on 4 March 2026, it submitted an indicative, non-binding proposal to the Board of Picton. Should a firm offer be made, it is currently envisaged that the transaction would be structured as an all-share offer, under which shareholders of Picton would receive both new LondonMetric shares and new SREIT shares in proportions to be determined by the Consortium to reflect the respective interests of each of LondonMetric and SREIT in the underlying assets of Picton.\n \nThe Consortium believes the possible all-share offer would provide Picton's shareholders with an opportunity to realise an accelerated return on their investment in Picton whilst rolling their holdings into two market leading UK listed REITs of scale.\n \nIn accordance with Rule 2.5(a) of the Code, the Consortium reserves the right to introduce other forms of consideration and/or to vary the composition of the consideration as described in this announcement.\n \nThere can be no certainty that any firm offer for Picton will be made by the Consortium, nor as to the terms on which any such offer might be made. A further announcement will be made as and when app...