B&C helps with the £404m acquisition of Picton Property Income by LondonMetric & SREIT

03/09/2026

We’re delighted to have helped with the £404m joint all-share acquisition of Picton Property Income Limited by Schroder Real Estate Investment Trust Ltd and LondonMetric Property PLC.

Under the deal, SREIT takes 54% (£382m) of Picton's assets, while LondonMetric takes 46% (£320m) of properties plus £24m in cash. Picton shareholders receive 0.190 of a LondonMetric share and 0.894 of an SREIT share for each Picton share.

The deal is expected to deliver a 39.4% boost in implied earnings and a 47.4% increase in dividend income for Picton shareholders. Pending final approvals, the transaction moves forward via a court-sanctioned scheme of arrangement – documentation for which was produced by Black&Callow.

Commenting on the Acquisition, Alastair Hughes, Chair of SREIT, said: "This is a transformational and strategically important transaction for the company, offering a material increase in the size of the portfolio whilst maintaining the focus on the higher growth multi-let industrial and retail warehouse sectors. Shareholders will benefit from immediate earnings accretion, aided by improved cost efficiencies and a further strengthening of the balance sheet, with sector leading low-cost, long-term debt. The combined portfolio additionally provides greater diversity of income and a blended embedded reversion of over 8%, further increasing the opportunity to actively drive faster growth and dividend progression."

Our thanks to our wonderful clients at advisors Norton Rose Fulbright and Stifel, alongside by Schroder Real Estate Investment Trust, LondonMetric Property PLC and Picton Property Income Limited Ltd.

If you'd like to find out how we can help ensure the success of your investment trust and funds M&A, chat with us today: hello@blackandcallow.com

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