UK's Picton Property agrees $546 million all-share takeover by LondonMetric, Schroder (updated)

Londonmetric Property

12/05/2026 08:08

Updates with details and context throughout

May 12 (Reuters) - Britain's Picton Property Income PCTN.L said on Tuesday it has agreed to a 403-million-pound ($546.4 million) all‑share takeover offer from a consortium comprising LondonMetric Property LMPL.L and Schroder REIT SREI.L.

Under the terms of the deal, Picton shareholders will receive 0.190 LondonMetric shares and 0.881 Schroder REIT shares for each Picton share, valuing the company at 78.2 pence per share. This offers a premium of roughly 7% to Picton's previous closing price.

LondonMetric and Schroder REIT said the proposed deal would enable Picton shareholders to realise a premium on their holdings while maintaining exposure to the company's assets through stakes in two larger UK‑listed real estate investment trusts.

($1 = 0.7376 pounds)

 (Reporting by Ankita Bora in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((Ankita.Bora@thomsonreuters.com;))