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LondonMetric Property PLC on Thursday said progress regarding a proposed takeover offer for Picton Property Income Ltd is advancing, as it said its portfolio is performing well. The London-based real estate investment trust said its £7.6 billion triple-net lease property portfolio continues to perform well, with trading in line with expectations ahead of its annual general meeting, which is taking place Thursday. Since April 1, LondonMetric has completed £139 million of investment activity, selling 26 assets for £96.7 million and acquiring five assets for £42.5 million, while a further £71 million of disposals and acquisitions are progressing. The company said asset management initiatives have added £6.7 million in annual rental income from 72 rent reviews, lettings and lease renewals, helping lift occupancy to 98.3% from 97.7% at the start of the financial year. Lettings in legal review will add another £1.4 million per year of rental income and mostly relate to vacant units, it said. LondonMetric and consortium partner Schroder Real Estate Investment Trust Ltd are working towards a firm takeover offer for Picton Property Income, they noted last month, following an indicative all-share proposal publicly disclosed in May. LondonMetric on Thursday said due diligence on the consortium’s proposed all-share offer for Picton Property is progressing well, with transaction documentation being finalised ahead of a potential firm offer. The consortium’s proposal is for 0.190 of a LondonMetric share and 0.881 of a SREIT share for each Picton share. LondonMetric Chief Executive Andrew Jones said: ‘Our time is increasingly focused on the wider investment opportunity set. Whilst the market remains tight for quality opportunities, we are seeing a greater number of attractive deals, particularly across development fundings and asset sales from pension funds.’ LondonMetric Property shares were 0.4% lower at 184.82 pence on Thursday morning in London. SREIT shares were up 0.5% at 46.09p. Picton Property Income shares were up 0.9% at 72.44p. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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