British Land Company PLC (LSE:BLND) reached an agreement to acquire Life Science REIT plc (LSE:LABS) for approximately £150 million on January 28, 2026. The consideration consists of common equity of British Land Company PLC at a ratio of 0.07 per common equity of Life Science REIT plc. A cash consideration valued at £0.141 per share will be paid by British Land Company PLC. Life Science REIT shareholders will hold 2.4% of British Land shares post completion.
The transaction is subject to approval by Life Science REIT plc shareholders, Admission of listing of new British Land shares and subject to court approval. Life Science REIT Directors intend unanimously to recommend that Life Science REIT Shareholders vote in favour of the Scheme at the Court Meeting.
The transaction is expected to complete in the next three months.
The transaction will be Immediately EPS accretive post completion.
Fergus Horrobin, Jonathan Retter, Sandip Dhillon and Aadhar Patel of UBS Limited acted as financial advisor for British Land Company PLC. Tim Medak, Tom Scrivens, Chris Clarke, Alex Collins and Ashwin Kohli of Panmure Liberum Limited acted as financial advisor for Life Science REIT plc. Herbert Smith Freehills Kramer LLP acted as legal advisor for British Land Company PLC. Gowling WLG LLP acted as legal advisor for Life Science REIT plc. Panmure Liberum Limited acted as fairness opinion provider for Life Science REIT plc.
Life Science REIT plc is a closed-ended real estate investment trust. The Company’s investment objective is to provide shareholders with an attractive level of total return. It seeks to invests in a diversified portfolio of properties across the United Kingdom, which are typically leased or intended to be leased to tenants operating in, or providing a benefit to, the life science sector. It acquires or develops properties, such as wet and dry laboratories, offices, incubators and co-working space, manufacturing and testing facilities and data centers. The Company retains flexibility to acquire individual buildings, a group of buildings across a single science park or the entirety of a science park. It also includes purchasing or developing buildings that are leased or intended to be leased to occupiers providing ancillary services to employees of companies operating in, or providing a benefit to, the life science sector. Its investment adviser is Ironstone Asset Management Limited.
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