London, June 17, 2026, 14:15 BST
- LondonMetric Property was down 2.05% at 182.00p in London afternoon trading, as volume reached 6.52 million shares.
- Berenberg lowered its target on the stock to 252p from 282p but stuck with its “buy” call, pointing to a softer FY26 valuation than it had forecast and a bump in the cost of capital. Sharecast
- LondonMetric and Schroder Real Estate Investment Trust put out a proposed all-share offer for Picton Property Income that would value Picton at £396 million. There’s no firm bid on the table yet.
LondonMetric Property shares slipped in London on Wednesday after a broker cut its price target, while the FTSE 100 landlord reported new steps on its planned joint offer for Picton Property Income.
LondonMetric, a REIT and listed landlord, is in the spotlight as investors weigh both asset values and its dealmaking with UK property stocks still reacting to interest-rate views. UK equities slipped earlier after May inflation sat at 2.8% and attention turned to the Bank of England’s decision set for Thursday.
LondonMetric traded at 182.00p as of 13:59 BST, off 3.80p for the session. Shares hovered just 3.82% above the 52-week low of 175.30p hit in March. FTSE 100 lost 0.14% to 10,479.77 at 0936 GMT. FTSE 250 fell 0.4%.
Berenberg trimmed LondonMetric’s target price to 252p from 282p, cutting forecasts for net tangible assets. The firm left its “buy” call in place, noting the dividend yield sits near 7%, and argued the shares still have value. But the move took some shine off the stock. Sharecast
Berenberg called LondonMetric’s FY26 numbers “mixed”. Underlying EPS came in at 13.5p and the 12.45p dividend matched forecasts. But NTA of 200.6p missed consensus by about 4%. The broker pointed to slow like-for-like valuation growth of 0.8% and said there were roughly £43 million in one-off costs from the Urban Logistics REIT deal. Sharecast
LondonMetric reported net rental income climbing 16.6% to £455.3 million for the year and EPRA earnings, which tracks recurring property profits, up 13.9% to £305.3 million. The group raised its dividend by 3.8% to 12.45p, saying earnings covered it by 108%.
LondonMetric and Schroder Real Estate Investment Trust said Tuesday their offer for Picton would give shareholders 0.190 LondonMetric shares and 0.881 SREIT shares per Picton share. At June 15 closing prices, the deal values Picton at 76.9p a share—a 9.0% premium to Picton’s price that day.
Andrew Jones, chief executive at LondonMetric, and Nick Montgomery, global head of real estate at Schroders Capital and manager of SREIT, said the group has “made steady progress” and is heading for a Rule 2.7 announcement, which is the UK’s formal bid step under the takeover code. Investegate
LondonMetric is touting the deal as a chance to boost its industrial portfolio without letting up on capital discipline. As part of the offer, LondonMetric would get 46% in value of Picton’s assets—22 properties worth £320 million as of March 31, mostly in the industrial segment.
Property stocks showed a mixed bag. Land Securities slipped 0.93% and British Land lost 1.09%. Tritax Big Box REIT, which focuses on logistics, inched up 0.20% at the same Google Finance check. LondonMetric dropped more.
Picton’s deal risk is still live since there’s no firm offer yet. The consortium said it still needs to finish due diligence, secure lender waivers, get board sign-off, and win Picton board backing. The group said there’s no guarantee a firm bid will come. Higher funding costs or falling property prices would also make it tougher to convince on earnings and dividends.
