British Land agreed on 28 January 2026 to acquire Life Science REIT in a recommended cash-and-share deal valuing the London-listed landlord at about £150m.
Why The British Land Company PLC is buying Life Science REIT plc
British Land said the deal would deliver cost synergies and immediate earnings accretion while being neutral to net asset value, and that it could market the space to a broader range of science and technology occupiers than Life Science REIT's life-sciences mandate allowed. The portfolio comprises two Central London assets in the Knowledge Quarter, a 24-acre technology park in Oxford and two sites in Cambridge.
Deal terms and financing
Each Life Science REIT share received 14.1p in cash and 0.07 new British Land shares, valued at about 42.8p using British Land's 410p close on 27 January. Life Science REIT shareholders were to own about 2.4% of the enlarged group.
Regulatory approvals and timing
The deal was implemented by a court-sanctioned scheme of arrangement. Shareholders approved it at meetings on 19 March 2026 and the scheme became effective on 20 April 2026, according to Panmure Liberum.
Market context
Life Science REIT launched in November 2021 with £350m of equity and its shareholders had previously approved a managed wind-down. The offer price was a 26% discount to its 57.7p EPRA NTA.
