Form 8.3

LONDON--(BUSINESS WIRE)-- 

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Qube Research & Technologies Limited
(b) Owner or controller of interests and short positions disclosed, if 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 relates: Use a separate form for each offeror/offeree	A consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	24-07-2026
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	Yes - PICTON PROPERTY INCOME LIMITED

2. POSITIONS OF THE PERSON 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 following the dealing (if any)

Class of relevant security:	LondonMetric Property plc 10p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	0	0.00	0	0.00
(2) Cash-settled derivatives:	1,916,919	0.08	1,827,619	0.07
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	0	0.00	0	0.00
TOTAL:	1,916,919	0.08	1,827,619	0.07

Class of relevant security:	Schroder Real Estate Investment Trust Limited ordinary NPV
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	0	0.00	0	0.00
(2) Cash-settled derivatives:	1,522,019	0.31	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	0	0.00	0	0.00
TOTAL:	1,522,019	0.31	0	0.00

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).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:	0
Details, including nature of the rights concerned and relevant percentages:	0

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit (GBp)

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. call option	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of securities	Exercise price per unit (GBp)
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	566	192.90
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	1910	193.10
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	1143	193.20
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	1400	193.30
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	788	193.40
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	312	193.60
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	402	193.70
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	1670	193.80
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	2045	193.90
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	580	194.10
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	308	194.80
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	34896	195.10
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	1456	195.30
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	2342	195.35
LondonMetric Property plc 10p ordinary	equity swap	decreasing a long position	3687	195.40
LondonMetric Property plc 10p ordinary	equity swap	decreasing a short position	25292	195.10
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	16501	193.00
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	2163	193.05
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	308	193.10
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	7766	193.15
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	1579	193.20
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	2924	193.25
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	11637	193.30
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	2802	193.35
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	7870	193.40
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	1397	193.50
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	1225	193.55
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	426	193.60
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	991	193.65
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	18702	193.70
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	2307	193.75
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	4443	193.80
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	4715	194.00
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	884	194.10
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	3358	194.20
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	4306	194.30
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	62702	194.40
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	32233	194.50
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	47226	194.60
LondonMetric Property plc 10p ordinary	equity swap	increasing a long position	55880	195.10

Class of relevant security	Product description e.g. call option	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of securities	Exercise price per unit (GBp)
Schroder Real Estate Investment Trust Limited ordinary NPV	equity swap	decreasing a long position	395	46.00
Schroder Real Estate Investment Trust Limited ordinary NPV	equity swap	increasing a long position	427	46.00

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit (CCY0)

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit (CCY0)

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
0	0	0	0	0

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
0	0	0	0

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 person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: 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 person making the disclosure 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

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	27-07-2026
Contact name:	Janice Falcao
Telephone number:	00442033140679

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 [phone]. The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.