On 8 November 2023, Picton Property Income Limited (LSE:PCTN) and UK Commercial Property REIT Limited (LSE:UKCM) ("UKCM") announced that they were in discussions regarding a possible all-share merger of the two companies on an EPRA NTA for EPRA NTA basis (the "Possible Merger"). The Board of Picton notes announcement by UKCM and confirms that Picton has been informed by UKCM that its largest shareholder, Phoenix Life Limited, which controls approximately 43% of UKCM's share capital, does not support the Possible Merger on the terms proposed. Picton is considering the feedback that it has received from shareholders in Picton and UKCM, following the announcements on 8 November.

A further announcement will be made in due course.