Private Capital & Funds|14/09/2026
Law firm Stephenson Harwood LLP has advised Schroder <a href="https://industrymovement.com/real-estate-traded-value-in-oman-reaches-ro-1-7-billion-by-end-of-july-2026/" title="<a href="https://industrymovement.com/thndr-plans-5-9-million-real-estate-fund-as-asset-management-expands/" title="Thndr Plans $5.9 Million Real Estate Fund as Asset Management Expands”>Real Estate Traded Value in Oman Reaches RO 1.7 Billion by End of July 2026″>Real Estate Investment Trust plc (SREIT) on its £380 million acquisition of Picton Property Income Limited, which was part of a consortium transaction with LondonMetric Property plc. The transaction has been implemented by way of a scheme of arrangement under Guernsey law.
This innovative structure, where Picton shareholders have received listed share consideration directly from each of the two joint offerors, is the first of its kind in UK public M&A. The transaction is strategically significant for SREIT, increasing the size of its portfolio while maintaining its focus on high-growth multi-let industrial and retail warehouse sectors.
Under the terms of the joint bid, Picton shareholders received 0.190 new LondonMetric shares and 0.894 new SREIT shares for each share they held in Picton. The offer was unanimously recommended by the Picton board and overwhelmingly supported by shareholders. Following completion of the scheme, SREIT and LondonMetric have divided Picton’s assets and liabilities.
This transaction highlights Stephenson Harwood’s expertise in public M&A, investment funds, and corporate structuring, as well as the firm’s specialist capabilities in employment, incentives, debt finance, tax, and real estate.
The Stephenson Harwood team advising SREIT on all English law aspects of the transaction was led by Corporate Partners William Saunders and Alexa Whitehead, Real Estate Partner Stephen Laud and Tax Partner John Meehan, with support from Managing Associates Alan Sauvain, Victoria Silver and Tom O’Connor and Associate Emily de Salis. Further support was provided by a cross-practice team from the Tax, Real Estate, Incentives, Employment, Finance, and Competition teams.
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