Panmure Liberum acts as Financial Adviser, Rule 3 Adviser and Broker on Life Science REIT’s £150m recommended cash and share offer by The British Land Company PLC

Life Science REIT is an externally managed UK REIT, listed on the London Stock Exchange, which was launched in November 2021 raising £350 million of equity. The Company’s investment policy at launch was to invest in a diversified portfolio of properties across the UK which are typically leased or intended to be leased to tenants operating in, or providing a benefit to, the life science sector, in order to generate capital growth, while also delivering growing income. Since launch, Life Science REIT has invested in a portfolio of predominantly life science related properties located in the in-demand markets of the Golden Triangle.

British Land is a UK REIT listed on the London Stock Exchange and a constituent of the FTSE 100 Index with a market capitalisation of approximately £4.1 billion. It focuses on real estate sectors with strong occupational fundamentals: primarily campuses and retail parks and owns or manages a portfolio valued at £15.2 billion. Science and Technology is a growing part of the campus strategy and British Land has a strong existing presence in the Golden Triangle of Oxford, Cambridge and London (particularly in the Knowledge Quarter around Regent's Place in London and in Cambridge).

British Land believes the Acquisition is an attractive opportunity to use its platform to deliver cost synergies and earnings per share accretion in an EPRA NTA per share neutral manner; add value by using the British Land platform to target a broader range of Science & Technology occupiers than the previous life sciences mandate allowed; and realise further significant earnings accretion in time, relative to deal size, through capturing reversion and letting up recently delivered space.

The Acquisition represented a premium of 21% to the Life Science REIT closing price of 35.4p on 27 January 2026 (the latest practicable date prior to the 2.7 announcement).

British Land had received irrevocable undertakings and letters of support to vote in favour of the Acquisition from shareholders representing approximately 31.1% of Life Science REIT’s issued share capital.

Panmure Liberum has worked with Life Science REIT for nearly 5 years from it’s IPO in November 2021, through to it’s strategic review and subsequent Acquisition by British Land. The Acquisition became effective on 20 April 2026.

Panmure Liberum Team
Investment Banking – Tom Scrivens, Chris Clarke, Alex Collins, Ashwin Kohli
M&A – Tim Medak
Investor Relations – Katie Micallef