LONDON – Property group British Land (BLND.L) has agreed to acquire real estate investment trust Life Science REIT (LABS.L) in a recommended cash and share deal valuing its smaller rival at approximately £150 million, the companies announced on Wednesday.
The acquisition will bolster British Land’s footprint in the high-demand “Golden Triangle” of Oxford, Cambridge, and London, expanding its portfolio dedicated to science and technology companies.
Under the terms of the deal, each Life Science REIT shareholder will receive 14.1 pence in cash and 0.07 new British Land shares for every share held. Based on British Land’s closing share price of 410 pence on Jan. 27, this values each Life Science REIT share at 42.8 pence.
This represents a 21% premium to Life Science REIT’s closing price on Jan. 27 and a 15% premium to its three-month volume-weighted average price. Following the deal’s completion, Life Science REIT shareholders will own approximately 2.4% of the enlarged British Land group.
British Land, a FTSE 100 company, said the acquisition is a strategic move to grow its presence in innovation-focused property. It will add five Life Science REIT assets to its portfolio, which are located in prime innovation clusters.
“We see a compelling opportunity to grow our Science & Technology footprint,” said British Land Chief Executive Simon Carter. “Our scalable platform will unlock significant synergies and attract a broader range of occupiers from the fast-growing Science & Technology sector.”
British Land expects the deal to be immediately earnings accretive and sees potential for further growth by leasing up vacant space within the acquired portfolio.
Life Science REIT, which launched in 2021, had faced macroeconomic headwinds and a persistently discounted share price. In November 2025, its shareholders approved a managed wind-down of the company’s portfolio.
The Life Science REIT board concluded that the British Land offer “will provide a superior outcome for shareholders,” offering greater immediate value and removing the uncertainty and costs associated with a wind-down, said Chair Claire Boyle.
The Life Science REIT board unanimously recommends the offer, advised by Panmure Liberum. British Land has also secured irrevocable undertakings and letters of support from shareholders representing approximately 31.1% of Life Science REIT’s issued share capital.
The acquisition is to be implemented via a court-sanctioned scheme of arrangement, with a scheme document expected to be sent to shareholders within 28 days. The deal is anticipated to close within three months.