LondonMetric and Schroder REIT Consortium Targets Picton Property in £400M Possible Offer

Picton Property Income initiated a strategic review in early 2026, citing the persistent discount to net asset value at which its shares trade and a desire to explore consolidation options. LondonMetric and Schroder REIT's consortium approach reflects a broader trend of UK REIT mergers as smaller vehicles seek scale to reduce costs and improve liquidity. An all-share structure would preserve capital and allow Picton investors to retain exposure to the underlying portfolio through the combined entity. No binding terms have been agreed and any formal offer remains subject to further negotiation.