British Land has agreed to acquire Life Science REIT for approximately £150 million, marking a strategic push into the Science & Technology sector as it expands its campus portfolio.
Under the recommended offer, Life Science REIT shareholders will receive 14.1p in cash plus 0.07 British Land shares for each share held, valuing each share at 42.8p – a 21% premium to the previous day’s closing price but a 26% discount to net asset value.
The deal comes after Life Science REIT entered managed wind-down in November 2025, following persistent share price weakness and difficulties raising capital amid cooling demand for laboratory space.
The Life Science REIT portfolio will add five well-located assets in the “Golden Triangle” to British Land – two prime Central London properties in the Knowledge Quarter, a 24-acre Oxford technology park, and two Cambridge campuses. Notably, only 6% of the portfolio is dedicated to laboratory space, giving British Land flexibility to attract a wider range of innovation occupiers.
The FTSE 100 landlord believes it can unlock further value by broadening the tenant base beyond pure life sciences to the wider Science & Technology sector.
Life Science REIT shares have traded poorly and have been stuck in a persistent downtrend despite providing investors with a relatively unique proposition. The share price discount to NAV before the announcement was around 46%, offering British Land a substantial opportunity to realise value in the portfolio.