British Land Company Plc (BLND.L), a real estate company, on Wednesday said it has agreed with Life Science REIT on the terms of a recommended cash and share offer valuing the REIT at about £150 million. The transaction will be implemented via a court-sanctioned scheme of arrangement under UK law.
As per the terms, Life Science REIT shareholders will receive 14.1 pence in cash and 0.07 new British Land shares for each REIT share, implying a premium of around 21% to the REIT's closing price on January 27, 2026. Shareholders will also be eligible for the British Land final dividend for the year ending March 2026, expected to be declared in May and paid in July.
Following completion, Life Science REIT shareholders are expected to hold 2.4% of the enlarged group, with existing British Land shareholders owning 97.6%.
British Land said the acquisition would expand its Science & Technology portfolio, adding five assets in London, Oxford and Cambridge, and is expected to be earnings accretive and EPRA NTA per share neutral immediately. The deal is projected to deliver synergies and further earnings growth through lease-up of vacant space.
Life Science REIT, launched in 2021, has been managed under a wind-down plan following headwinds from higher inflation, rising interest rates and muted life science sector demand. Its portfolio includes two London assets, Oxford Technology Park, a Cambridge campus, and a small single-let property in Cambridge, valued at approximately £332.6 million as of December 31, 2025.
Commenting on the Acquisition, Simon Carter, Chief Executive of British Land said, "The acquisition of Life Science REIT represents an exciting opportunity for British Land to drive value from a well-located Golden Triangle portfolio. Our scalable platform will unlock significant synergies and attract a broader range of occupiers from the fast-growing Science & Technology sector than the previous life science mandate has allowed."
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