British Land Swoops On Life Science REIT In Discounted £150M Deal

British Land has agreed to acquire Life Science REIT in a recommended cash-and-share deal valuing the specialist property investor at about £150M.

The deal represents a premium of about 21% to Life Science REIT's share price and 15% to its three-month volume-weighted average price, but a discount of around 26% to its latest reported net asset value.

British Land said the acquisition would allow it to expand its exposure to science and technology real estate while extracting cost savings by integrating Life Science REIT’s assets into its existing platform. The group said the deal would be immediately earnings accretive and neutral to net asset value per share, with potential rental growth and improved occupancy.

The portfolio comprises five assets located within the UK’s London, Oxford and Cambridge "Golden Triangle," including two central London properties, a technology park in Oxford and campuses in Cambridge.

The transaction has been unanimously recommended by the Life Science REIT board, advised by Panmure Liberum, and its directors have also given irrevocable undertakings to vote in favour of the deal in respect of their own shareholdings.

Life Science REIT’s board framed the transaction as the most attractive outcome after a prolonged period of operational and market headwinds. Since its 2021 initial public offering, the company has seen a sustained discount to net asset value that has constrained its ability to raise capital.

In late 2025, shareholders approved a managed wind-down following a strategic review, but the board concluded that British Land’s offer provided greater certainty of value than an asset-by-asset disposal.

Although the bid comes at a discount to NAV, the board said the combination of cash consideration and exposure to a larger, more liquid listed property group offered shareholders a pragmatic route to realise value while retaining longer-term sector growth opportunities.