REG - LondonMetric Picton Property Inc. Schroder Real Estate - Form 8 (OPD) LondonMetric & Schroder REIT
09/04/2026 07:00
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RNS Number : 7157Z LondonMetric Property PLC 09 April 2026
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Full name of discloser: A CONSORTIUM COMPRISING
LONDONMETRIC PROPERTY
PLC
AND
SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED
(b) Owner or controller of interests and short positions disclosed, if N/A
different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a
trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form A CONSORTIUM COMPRISING
relates:
Use a separate form for each offeror/offeree
LONDONMETRIC PROPERTY
PLC
AND
SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED
(d) Is the discloser the offeror or the offeree? OFFEROR
(e) Date position held: 30 March 2026
The latest practicable date prior to the disclosure
(f) In addition to the company in 1(c) above, is the discloser making YES, PICTON PROPERTY INCOME LIMITED
disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one
class of relevant securities of the offeror or offeree named in 1(c), copy
table 2(a) or (b) (as appropriate) for each additional class of relevant
security.
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
(i) In respect of LONDONMETRIC PROPERTY PLC interests in SCHRODER REAL ESTATE
INVESTMENT TRUST LIMITED
Class of relevant security: Schroders Real Estate Investment Trust Ordinary Shares
Interests Short positions
Number %* Number %
(1) Relevant securities owned and/or controlled: 54,041,418 11.05 Nil -
(2) Cash-settled derivatives: Nil - Nil -
(3) Stock-settled derivatives (including options) and agreements to Nil - Nil -
purchase/sell:
TOTAL: 54,041,418 11.05 Nil -
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded
options), or agreements to purchase or sell relevant securities, should be
given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial
collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: None
Details, including nature of the rights concerned and relevant percentages: None
3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO
THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe (including
directors' and other employee options) of any person acting in concert with
the party to the offer making the disclosure:
a) Interests in Schroder Real Estate Investment Trust Limited ("SREIT") shares
held by SREIT directors (together with their close relatives and the related
trusts of any of them)
Name Total Number of SREIT Shares Percentage of existing issued share capital of SREIT
Alastair Hughes 190,579 0.04%
Sanjay Patel 142,657 0.03%
Total 333,236 0.07%
b) Interests held by Schroders plc in SREIT
Name Total Number of SREIT Shares Percentage of existing issued share capital of SREIT
Schroders plc 36,386,374 7.43%
Total 36,386,374 7.43%
c) Interests and short positions held by Schroders plc in LondonMetric
Property plc ("LMP")
Class of relevant security: LondonMetric Property plc Ordinary Shares
Interests Short Positions
Number % Number %
Schroders plc 50,244,152 2.14% -533624.1461 -0.02%
Total 50,244,152 2.14% -533624.1461 -0.02%
d) Interests in LondonMetric Property plc ("LondonMetric") shares held by
LondonMetric directors (together with their close relatives and the related
trusts of any of them)
Name Total Number of LondonMetric Shares Percentage of existing issued share capital of LondonMetric
Andrew Jones 6,007,539 0.26%
Martin McGann 3,272,102 0.14%
Suzanne Avery 27,050 0.00%
Alistair Elliott 90,000 0.00%
Robert Fowlds 136,780 0.01%
Kitty Patmore 15,000 0.00%
Suzy Neubert 39,505 0.00%
Nick Leslau 26,408,755 1.13%
Sandy Gumm 351,639 0.01%
Total 36,348,370 1.55%
Share Options
Name Scheme Date of grant Number of LondonMetric shares under option((1)) Exercise price per LondonMetric share Vesting Date Date of expiry
Andrew Jones Long term 02/06/2023 816,479 Nil paid 02/06/2026 01/06/2033
incentive plan
Andrew Jones Long term 13/06/2024 890,115 Nil paid 13/06/2027 12/06/2034
incentive plan
Andrew Jones Long term 03/06/2025 846,459 Nil paid 03/06/2028 02/06/2035
incentive plan
Martin McGann Long term 02/06/2023 431,008 Nil paid 02/06/2026 01/06/2033
incentive plan
Martin McGann Long term 13/06/2024 481,912 Nil paid 13/06/2027 12/06/2034
incentive plan
Martin McGann Long term 03/06/2025 458,278 Nil paid 03/06/2028 02/06/2035
incentive plan
(1) Figures include the incremental number of shares which the participant
is entitled to receive on vesting of the award as a result of the total
dividend increases which are accrued during the vesting period.
e) Cash settled derivative positions held by LondonMetric connected advisers
Name Number of LondonMetric shares %
Leucadia Asset Management 34,799* 0.00%
*Leucadia Asset Management is a member of the Jefferies Financial Group and
holds these shares as long swap shares. Leucadia Asset Management holds no
positions in either Schroder Real Estate Investment Trust Limited or Picton
Property Income Limited.
b) Interests held by Schroders plc in SREIT
Name Total Number of SREIT Shares Percentage of existing issued share capital of SREIT
Schroders plc 36,386,374 7.43%
Total 36,386,374 7.43%
c) Interests and short positions held by Schroders plc in LondonMetric
Property plc ("LMP")
Class of relevant security: LondonMetric Property plc Ordinary Shares
Interests Short Positions
Number % Number %
Schroders plc 50,244,152 2.14% -533624.1461 -0.02%
Total 50,244,152 2.14% -533624.1461 -0.02%
d) Interests in LondonMetric Property plc ("LondonMetric") shares held by
LondonMetric directors (together with their close relatives and the related
trusts of any of them)
Name Total Number of LondonMetric Shares Percentage of existing issued share capital of LondonMetric
Andrew Jones 6,007,539 0.26%
Martin McGann 3,272,102 0.14%
Suzanne Avery 27,050 0.00%
Alistair Elliott 90,000 0.00%
Robert Fowlds 136,780 0.01%
Kitty Patmore 15,000 0.00%
Suzy Neubert 39,505 0.00%
Nick Leslau 26,408,755 1.13%
Sandy Gumm 351,639 0.01%
Total 36,348,370 1.55%
Share Options
Name Scheme Date of grant Number of LondonMetric shares under option((1)) Exercise price per LondonMetric share Vesting Date Date of expiry
Andrew Jones Long term 02/06/2023 816,479 Nil paid 02/06/2026 01/06/2033
incentive plan
Andrew Jones Long term 13/06/2024 890,115 Nil paid 13/06/2027 12/06/2034
incentive plan
Andrew Jones Long term 03/06/2025 846,459 Nil paid 03/06/2028 02/06/2035
incentive plan
Martin McGann Long term 02/06/2023 431,008 Nil paid 02/06/2026 01/06/2033
incentive plan
Martin McGann Long term 13/06/2024 481,912 Nil paid 13/06/2027 12/06/2034
incentive plan
Martin McGann Long term 03/06/2025 458,278 Nil paid 03/06/2028 02/06/2035
incentive plan
(1) Figures include the incremental number of shares which the participant
is entitled to receive on vesting of the award as a result of the total
dividend increases which are accrued during the vesting period.
e) Cash settled derivative positions held by LondonMetric connected advisers
Name Number of LondonMetric shares %
Leucadia Asset Management 34,799* 0.00%
*Leucadia Asset Management is a member of the Jefferies Financial Group and
holds these shares as long swap shares. Leucadia Asset Management holds no
positions in either Schroder Real Estate Investment Trust Limited or Picton
Property Income Limited.
Details of any open stock-settled derivative positions (including traded
options), or agreements to purchase or sell relevant securities, should be
given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial
collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or
understanding, formal or informal, relating to relevant securities which may
be an inducement to deal or refrain from dealing entered into by the party to
the offer making the disclosure or any person acting in concert with it:
Irrevocable commitments and letters of intent should not be included. If there
are no such agreements, arrangements or understandings, state "none"
None
(b) Agreements, arrangements or understandings relating to
options or derivatives
Details of any agreement, arrangement or understanding, formal or informal,
between the party to the offer making the disclosure, or any person acting in
concert with it, and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant
securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) NO
Supplemental Form 8 (SBL) NO
LMP:
Date of disclosure: 09 April 2026
Contact name: Jadzia Duzniak
Telephone number: 020 7484 9035
SREIT:
Date of disclosure: 09 April 2026
Contact name: Katherine Fyfe
Telephone number: +442076583136
Public disclosures under Rule 8 of the Code must be made to a Regulatory
Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation
to the Code's disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk
(http://www.thetakeoverpanel.org.uk) .
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