LondonMetric stock edges lower as Picton takeover clears key shareholder votes

LondonMetric stock is trading at around 182.70 pence on BATS Europe on September 2, 2026, down about 0.81% on the day as investors digest progress on the all-share acquisition of Picton Property Income Limited.

Picton shareholders back LondonMetric deal

According to an announcement published on September 2, 2026, shareholders in Picton Property Income Limited have approved the recommended all-share offer under which LondonMetric Property Plc and Schroder Real Estate Investment Trust Limited will acquire Picton via a court-sanctioned scheme of arrangement.

The court meeting saw 345,280,041 Picton scheme shares voted in favor of the scheme, representing 95.20% of the scheme shares voted, while 17,416,775 shares, or 4.80%, were voted against, meaning the resolution to approve the scheme was duly passed.

At the related general meeting, 326,481,416 votes, or 89.78% of those cast, supported the resolution to implement the scheme and amend Picton’s articles, versus 37,179,906 votes, or 10.22%, against, underscoring strong shareholder backing for the transaction.

The timetable outlined in the scheme documentation indicates that, subject to remaining conditions being satisfied or waived, the scheme is expected to become effective on September 10, 2026, at which point Picton shares will be suspended from trading on the London Stock Exchange’s Main Market and their listing on the Official List will be cancelled by no later than the following business day.

Market reaction and latest figures for LondonMetric

Market data compiled on September 2, 2026 shows LondonMetric trading at 182.70 pence with an intraday range between 181.45 and 184.40 pence, implying the stock is currently closer to the lower end of its day’s trading band.

The same overview indicates a 52-week range for LondonMetric between 1.94 pence and 216.20 pence, placing the current price notably below the recent high and highlighting that the stock is trading well within its yearly band rather than near extremes.

Recent financial metrics for LondonMetric suggest an EBITDA of GBP 433.70 million for the latest fiscal year ended March 31, 2026, compared with GBP 370.80 million in the prior fiscal year ended March 31, 2025, implying EBITDA growth of about 17.0% year-on-year.

Over the same period, total revenue reportedly rose from GBP 402.80 million in the fiscal year ended March 31, 2025 to GBP 469.30 million in the fiscal year ended March 31, 2026, an increase of roughly 16.5%, indicating that LondonMetric has been expanding its income base as it scales its portfolio.

Net income for the fiscal year ended March 31, 2026 is shown at GBP 295.70 million versus GBP 347.90 million a year earlier, a decline of around 15.0%, suggesting that while revenue and EBITDA have grown, bottom-line profit has faced pressure, which investors may interpret in the context of acquisition and financing activity.

The same data set points to total assets of GBP 8,156.10 million at March 31, 2026 compared with GBP 6,607.60 million at March 31, 2025, indicating asset growth of approximately 23.4% year-on-year as LondonMetric has broadened its property holdings.

Shareholders’ equity is reported at GBP 4,732.90 million at March 31, 2026, up from GBP 4,123.90 million at March 31, 2025, a rise of about 14.8%, reflecting retained earnings and portfolio revaluation effects within the balance sheet.

Operational cash flow for the fiscal year ended March 31, 2026 stands at GBP 362.20 million versus GBP 316.90 million in the previous year, an increase of roughly 14.3%, while levered free cash flow is cited at GBP 185.90 million versus GBP 162.83 million, representing growth of about 14.2%, indicating that LondonMetric has been able to generate increasing cash after servicing debt.

Dividend data for LondonMetric show a trailing twelve-month dividend yield of about 6.65%, above a cited sector median of 5.25%, and a five-year dividend growth rate of approximately 7.56%, underlining the stock’s income profile for investors focused on regular distributions.

Income profile and investor perspective

Valuation metrics presented alongside these figures include a price-to-earnings ratio of around 14.05 and a price-to-book ratio of about 0.9, implying that LondonMetric stock is trading at a discount to its reported book value while carrying a mid-teens earnings multiple.

The company’s leverage ratio is indicated at 68.25%, which investors in real estate investment trusts typically assess against asset quality and rental stability when judging balance-sheet risk.

Recent results released on May 21, 2026 show earnings per share of GBP 0.07 for the latest reporting period, in line with a consensus forecast of GBP 0.07, and revenue of GBP 243.31 million, underscoring that LondonMetric has met analyst expectations on EPS while delivering substantial revenue in the period.

These figures fit into the broader fiscal 2026 performance in which revenue and EBITDA rose double-digit percentages but net income softened, a pattern that may reflect non-cash revaluations, transaction costs or financing impacts linked to portfolio expansion and the Picton transaction.

For income-focused investors, the combination of a yield near 6.65%, dividend growth averaging about 7.56% per year over five years, and cash flow growth in the low double digits suggests that LondonMetric continues to support a relatively generous distribution policy while reinvesting in its logistics-led portfolio.

Representative asset: UK logistics properties

LondonMetric’s core business centers on owning and managing logistics and retail park assets across the United Kingdom, with a particular emphasis on modern distribution warehouses supporting e-commerce and supply chains.

A representative example is its portfolio of regional logistics warehouses leased on long-term contracts to national retailers and third-party logistics providers, where rental income contributes materially to the company’s GBP 469.30 million of revenue reported for the fiscal year ended March 31, 2026.

LondonMetric stock price snapshot

As of September 2, 2026, LondonMetric stock is quoted at about 182.70 pence on BATS Europe, down 1.50 pence or 0.81% compared with the previous close of 184.20 pence, placing the shares well below the 52-week high of 216.20 pence but comfortably above the 52-week low of 1.94 pence.

For investors, this level positions LondonMetric as a mid-range performer within its yearly trading band, combining a relatively high dividend yield with ongoing portfolio expansion as the Picton acquisition moves toward its expected effective date of September 10, 2026.