UK real estate investment trust Picton Property Income is being acquired by listed peers LondonMetric Property and Schroder Real Estate Investment Trust (SREIT) in a £403.4m (€465m) all-share deal.
The proposed deal offers Picton shareholders 0.190 LondonMetric shares and 0.881 SREIT shares per Picton share, representing a 7% premium to the REIT’s last closing price of 73.1p.
The transaction splits Picton’s property portfolio between the two acquirers, with LondonMetric taking 46% of the assets and SREIT acquiring the remaining 54%, leading to Picton shareholders holding approximately 4% of the enlarged issued share capital of LondonMetric and approximately 48.2% of the enlarged issued share capital of SREIT.
LondonMetric’s current 11.1% stake in SREIT would be diluted to approximately 5.8% upon completion of the proposed offer.
Following the merger, the expanded SREIT group is expected to remain under the leadership of its current fund managers, Nick Montgomery and Bradley Biggins.
As at 30 September 2025, Picton held a portfolio of 46 assets with a total valuation of £695m. The firm maintained a 90% occupancy rate across its holdings, generating a passing rent of £40m.
To read the latest IPE Real Assets magazine click here.
