Picton Property Income confirms takeover interest from LondonMetric

Wed, 11th Feb 2026 11:16

(Alliance News) - Picton Property Income Ltd on Wednesday confirmed that LondonMetric Property PLC has shown an interest in its formal sale process.

Picton Property Income is a Guernsey-registered real estate investment trust with a market capitalisation about GBP448.6 million. Following the announcement, its shares were up 5.3% to 87.50 pence each on Wednesday morning in London.

Shares in LondonMetric were up 0.4% to 201.27p, for a market cap of GBP4.72 billion.

Noting "media speculation" around its potential sale, Picton said it "looks forward to progressing discussions with all interested parties and will update the market as and when appropriate".

It stressed that LondonMetric "has not made an offer for Picton and there can be no certainty that an offer will be made".

With a dispensation from the UK Takeover Panel, Picton Property Income does not have to identify potential bidders, unless a suitor "is specifically identified in any rumour or speculation". The regulator has also agreed that LondonMetric will not be subject to the usual 28-day window for suitors to confirm their intent to make an offer.

When Picton Property Income announced its strategic review last month, "a merger with other UK REITs" was floated as an option. The company said its financial foundations were sound, but that "the board believes it is important to be proactive".

London metric is a London-based REIT focused on logistics, healthcare, convenience, entertainment and leisure properties. Picton Property invests in UK commercial property.

Back in November, Picton boosted its interim payout to 1.9 pence per share from 1.85p a year earlier, on the back of net asset value growth. NAV per share was 102p at September 30, up 2.0% from 100p at March 31.

LondonMetric also lifted its interim dividend in November, despite NAV remaining broadly flat. The larger company cited higher revenue as it raised the payout per share to 6.1p from 5.7p on-year.

By Holly Munks, Alliance News reporter

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