Key Takeaways

  • Evelyn Partners Group Limited filed a Form 8.3 RNS (RNS Number 7216I) on Picton Property Income Limited (LSE: PCTN), covering dealings on 16/06/2026 and published 17/06/2026.
  • Evelyn Partners disclosed a total interest of 7,283,541 ordinary shares (of no par value), equal to 1.41%, with no short position.
  • The only dealing recorded was a sale of 8,000 shares at GBP 0.71 per share.
  • The form also relates to the consortium of LondonMetric Property plc and Schroder Real Estate Investment Trust Limited, the parties making the offer for Picton.
  • Form 8.3 disclosures are required under Rule 8.3 of the UK Takeover Code from holders of 1% or more during an offer period.

Evelyn Partners' Form 8.3 on Picton Property Income

Wealth and professional-services group Evelyn Partners Group Limited has filed a Form 8.3 disclosure on Picton Property Income Limited (LSE: PCTN), revealing that its interest in the UK commercial property REIT sits just above the 1% disclosure threshold. The filing was carried over the Regulatory News Service under RNS Number 7216I, dated 17/06/2026 and relating to a dealing on 16/06/2026.

Under Rule 8.3 of the UK Takeover Code, any person with an interest of 1% or more in a company that is in an offer period must publicly disclose dealings and positions. Picton has been in an offer period since a Formal Sale Process commenced on 13 January 2026, so holders crossing that 1% line must file.

Notably, Evelyn Partners indicated the form relates not only to Picton as the offeree but also to a consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited, the bidding parties.

The Numbers: 1.41% Interest and a Modest Sale

Evelyn Partners disclosed a total interest of 7,283,541 Picton ordinary shares of no par value, equal to 1.41% of the class. All of that is held as relevant securities owned and/or controlled; the firm reported no cash-settled derivatives, no stock-settled derivatives and no short position.

On dealings, the disclosure records a single sale of 8,000 shares at GBP 0.71 per share. There were no purchases, derivative transactions or other dealings disclosed, and Evelyn Partners reported no indemnity, option or other relevant arrangements.

The position is comparatively small in absolute terms, but it sits just over the 1% threshold, which is precisely why the disclosure is required while Picton is in an offer period.

The Discloser and the Consortium Bid Backdrop

Evelyn Partners is a UK wealth-management and professional-services firm whose discretionary and advisory mandates collectively hold positions across many listed companies. The Form 8.3 reflects the aggregate interest controlled across those mandates rather than a single proprietary bet.

Picton entered an offer period when it launched a Formal Sale Process on 13 January 2026. On 12 May 2026, a consortium of LondonMetric Property plc (LSE: LMP) and Schroder Real Estate Investment Trust (LSE: SREI, the Schroder REIT) made an all-share firm offer. The terms offer 0.190 new LondonMetric shares and 0.881 new Schroder REIT shares for each Picton share, valuing Picton at roughly GBP 396m and representing an approximately 46% dividend uplift for Picton holders.

Because the consideration is share-based, Picton shareholders are being asked to weigh ongoing exposure to the combined LondonMetric and Schroder REIT entities. Disclosures such as Evelyn's, which name the consortium, help the market track sentiment among holders that also have, or could take, positions in the bidders.

Why This RNS Matters

For an all-share offer, the registers of the offeree and the bidders matter in an interconnected way, because some investors may hold both. Form 8.3 filings during the offer period allow the Takeover Panel and the market to monitor cross-holdings and dealing activity for transparency and to detect potential concert-party concerns.

Evelyn's disclosure, showing a 1.41% interest and a small sale, is a routine but informative data point: it confirms a holder sitting around the disclosure threshold and indicates light selling rather than accumulation on the day in question.

What Investors Should Watch Next

Watch for further Form 8.3 filings from Evelyn Partners and other 1%-plus holders, which will reveal whether holders are trimming, holding or adding to Picton exposure as the share-based offer develops. A move back below 1% would end Evelyn's disclosure obligation.

Key milestones include the formal offer documentation, shareholder meetings at Picton and, where relevant, at the bidders, and the value of the share-exchange ratio as LondonMetric and Schroder REIT share prices move. Because the offer is in shares, the implied value to Picton holders fluctuates with the bidders' prices.