British Land agrees GBP150 million purchase of Life Sciences REIT

Wed, 28th Jan 2026 08:56

(Alliance News) - British Land Co PLC on Wednesday said it has struck a GBP150 million deal to buy Life Science REIT PLC, highlighting a "compelling opportunity" to grow its science and technology property footprint.

Under the deal, Life Science REIT shareholders will receive 14.1 pence and 0.07 of a new British Land share for every share held, valuing each Life Science REIT share at 42.8p and the company's equity at GBP150 million.

In addition, Life Science REIT shareholders are expected to be eligible for the British Land final dividend for the financial year ending March, expected to be declared in May and paid in July. This is subject to when the deal completes.

Life Science REIT is a real estate investment trust for UK properties leased to tenants in the life science sector, while British Land is a London-based property development and investment company.

Shares in Life Sciences REIT leapt 19% to 42.20p each early Wednesday in London, while FTSE 100-listed British Land was down 0.1% to 409.80p in London on Wednesday.

Through the acquisition, British Land said it sees a compelling opportunity to grow its science and technology property footprint, adding five well-located assets to its portfolio. It said this will enhancie its position as one of the leading providers of space to ambitious and fast-growing science and technology businesses.

British Land pointed out the Life Science REIT portfolio is all located within the 'Golden Triangle' of England, formed by the UK capital and two of the nation's leading universities, where occupier demand is strongest and has often outpaced the supply of available workspace.

The portfolio consists of two prime central London assets, a "high-quality" modern 24-acre technology park in Oxford, a 13-acre value-add campus in Cambridge, and a small single-let asset in Cambridge.

British Land sees potential to realise substantial savings in Life Science REIT's administrative costs and expects the deal will be earnings accretive and EPRA net tangible asset per share neutral on completion.

Further "meaningful" earnings accretion is anticipated to be realised in time.

British Land has received support from shareholders representing 31% of Life Sciences REIT's shares, including for the 14.3% holding of activist investor Saba Capital Management LP.

Life Science REIT Chair Claire Boyle said the deal provides a "superior outcome" for Life Science REIT shareholders, delivering "greater and more immediate value".

British Land Chief Executive Simon Carter said the acquisition represents an "exciting opportunity" to drive value from a well-located 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," he added.

By Jeremy Cutler, Alliance News reporter

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