LondonMetric and Schroder Real Estate Investment Trust (REIT) have agreed an all-share offer for Picton, valued at £403.4m.

The offer comprises a value of 78.2 pence per Picton share, which represents a premium of 7% on its closing share price yesterday.

Under the deal, Picton shareholders would receive 0.19 LondonMetric shares and 0.81 Schorder shares per Picton share.

The consortium said that the proposed offer retains Picton’s "good quality portfolio" in the UK-listed arena and continue exposure to such assets for shareholders, while also addressing the challenges the firm has faced as an independent listed company, set out in its formal sale process announcement in January.

Furthermore, the firm said the offer delivers a mix of consideration that Picton shareholders "will enjoy".

This includes the ability to continue to hold shares in an internally managed platform through LondonMetric shares, alongside the ability to invest in a Schroder's managed REIT.

Following the announcement, shares in Picton fell by 5%.

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