News
Panmure Liberum acts as Joint Corporate Broker to Picton Property Income on its £404 million recommended all-share offer
We are pleased to announce that Panmure Liberum acted as Joint Corporate Broker to Picton Property Income Limited on the recommended all-share offer by LondonMetric Property PLC and Schroder Real Estate Investment Trust Limited (SREIT)
On 31 July 2026, LondonMetric and SREIT announced a recommended all-share offer for Picton, to be effected by a scheme of arrangement. The offer followed a strategic review and formal sale process launched by Picton in January 2026.
Picton shareholders will receive 0.190 LondonMetric shares and 0.894 SREIT shares per Picton share, valuing Picton at approximately £404 million, or 78.7 pence per share, based on closing share prices as of 30 July 2026. This represents a 7.0 per cent premium to the closing Picton price on 30 July 2026 and a 9.9 per cent premium to the three-month VWAP. LondonMetric will acquire 46 per cent of the Picton portfolio by value and SREIT the remaining 54 per cent.
Panmure Liberum, Capital Markets Adviser to Picton from March 2025 to June 2026, acted as Joint Corporate Broker on the transaction following our appointment on 8 June 2026.
Panmure Liberum Team
Investment Banking – David Watkins, Jamie Richards, Piers Shimwell, Izzy Anderson
Research – Bjorn Zietsman
Sales – Michael Janes, James Shields
Trading – Ben Fuller, Paul Nolan