LondonMetric Property PLC: Roll up...Roll up...

研报英文原文证据摘录

LondonMetric Property PLC: Roll up...Roll up...

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy LondonMetric 12 May 2026

Breaking News

Europe Property PLC

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (GBP) 187.70

LMPL.L LMP LN LSE LMPL

Price Target (GBP) 230.00

Real Estate

215.00 -

Real Estate 52-week range (GBP) 177.50

Roll up...Roll up...

Valuation & Risks

Max Nimmo, CFA

LondonMetric and Schroder Real Estate Investment Trust (SREIT) in consortium

Research Analyst

have reached an agreement in principle for an all-share offer for Picton Property +44-20-754-54614

Income. The deal, which was first mooted back in January, is broadly in line with

the undisturbed share price but still a -9% implied NTA discount, or -6% discount Ashnaa Vyas

Research Associate

to Picton's Dec25 book values. Under the terms, the portfolio will be split 46:54

+44-20-7545-0244

LMP:SREIT with LMP expected to take the pool of assets with a heavier weighting

to logistics and the remainder going to SREIT. As a result, Picton shareholders

Price/price relative

are expected to hold c.4% of the enlarged LMP and c.48% of SREIT; whilst LMP's

11% SREIT shareholding reduces to c.6%.

This morning's news will come as little surprise given the respective 200

shareholding and how long this deal has been speculated for. Nonetheless, this 150

is another example of LMP's ability to roll up the sector at a discount to the 2024 2025 2026

underlying asset values (and in this case, with a favourable debt book), whilst LondonMetric Propert – (Rebased)

offering shareholders in smaller vehicles an exit via more liquid shares trading

Performance (%) 1m 3m 12m

closer to NTA. With its proforma 6% shareholding in SREIT, no doubt this will take

Absolute -1.9 -8.1 -2.7