Business
Statement regarding a Proposed Offer for Picton
LondonMetric Property Plc and Schroder Real Estate Investment Trust Limited have reached an agreement in principle for a non-binding, all-share offer for Picton Property Income Limited, valuing Picton at £403.4 million, or 78.2 pence per share. Under the proposed terms, Picton shareholders would receive 0.190 LondonMetric shares and 0.881 SREIT shares per Picton share, representing a premium of approximately 7.0% to Picton's closing share price on May 11, 2026. This transaction is expected to be earnings accretive for both LondonMetric and SREIT, with Picton shareholders potentially receiving immediate dividend income. 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 PROPOSED 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\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION IN RELATION TO LONDONMETRIC PROPERTY PLC, SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED AND PICTON PROPERTY INCOME LIMITED\n \nFOR IMMEDIATE RELEASE\n \n12 May 2026\n \n \nStatement regarding a Proposed Offer for Picton Property Income Limited by LondonMetric Property Plc and Schroder Real Estate Investment Trust Limited\n \n \nThe Boards of LondonMetric Property Plc (\"LondonMetric\") and Schroder Real Estate Investment Trust Limited (\"SREIT\") (together the \"Consortium\"), and Picton Property Income Limited (\"Picton\") are pleased to announce that they have reached agreement in principle on the key financial terms of a non-binding, indicative all-share offer for the entire issued and to be issued share capital of Picton (the \"Proposed Offer\").\n \nUnder the terms of the Proposed Offer, Picton shareholders would receive:\n \n0.190 LondonMetric shares and 0.881 SREIT shares per Picton share (the \"Proposed Consideration\")\n \nBased on the closing share prices of LondonMetric and SREIT of 187.7 pence and 48.3 pence, respectively, on 11 May 2026 (being the latest practicable date prior to this announcement) (the \"Latest Practicable Date\"), the Proposed Offer values the entire issued and to be issued share capital of Picton at £403.4 million and implies a value of 78.2 pence per Picton share, of which 46 per cent. relates to LondonMetric shares and 54 per cent. relates to SREIT shares, reflecting the respective interests of each of LondonMetric and SREIT in the underlying assets of Picton.\n \nBased on the terms of the Proposed Offer, LondonMetric and SREIT would each acquire a split of Picton's Gross Asset Value, based on Picton's portfolio valuation as at 31 December 2025, of approximately 46 per cent....