UK's LondonMetric eyes Picton Property for potential takeover (updated)

Picton Property Income

11/02/2026 11:25

Adds shares in paragraph 2, details and context from paragraph 3

Feb 11 (Reuters) - Picton Property Income PCTN.L said on Wednesday that LondonMetric Property LMPL.L has expressed interest in the real estate investment trust, about a month after it announced its potential sale as part of a strategic review.

Shares of Picton were up 5.3% at 10:50 a.m. GMT, while those of the commercial property firm, LondonMetric Property, were marginally higher.

Picton, which owns and manages a 699 million-pound ($956.93 million) UK commercial property portfolio, confirmed that LondonMetric is participating in its ongoing review and sale process, but had not yet made an offer.

The real estate investment trust launched a strategic review and formal sale process last month to explore all options to maximise shareholder value after its shares continued to trade at a material discount to its EPRA (European Public Real Estate Association) Net Tangible Assets, a key industry metric that reflects asset valuations.

Last May, LondonMetric acquired property investment group Urban Logistics in a 698.9 million pound cash-and-stock deal, creating one of the country's largest property investment groups by market capitalisation.

($1 = 0.7305 pounds)

(Reporting by Raechel Thankam Job and Nithyashree R B in Bengaluru; Editing by Leroy Leo)

((RaechelThankam.Job@thomsonreuters.com;))