British Land Details £150M Life Science REIT Buy, Touts EPS Accretion and Golden Triangle Growth

1 week ago 11

MarketBeat

Wed, January 28, 2026 astatine 3:48 AM CST 7 min read

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British Land is acquiring Life Science REIT for an implied equity worth of £150 million, paying £0.141 cash positive 0.07 shares (≈£0.43 per share) — a 21% premium — funded ~33% cash/67% shares, with completion expected wrong 3 months taxable to approvals and minimal interaction connected LTV.
The portfolio is concentrated successful the UK "Golden Triangle" (central London Knowledge Quarter, a 24‑acre Oxford exertion parkland and Cambridge campuses) with an occupier premix crossed subject and tech, less than 6% laboratory abstraction (of which 80% is let) and large tenants that unneurotic relationship for astir fractional the rent roll.
British Land says the woody is instantly EPS accretive and neutral to NTA, driven by day‑one outgo synergies and concern savings; it underwrites a blimpish £18m nett rent successful twelvemonth 1 rising to a stabilized £25m, with a targeted 12–15 month lease‑up play and little marginal indebtedness costs (~4.5% vs ~6%).
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British Land (LON:BLND) has outlined the rationale and cardinal presumption of its recommended acquisition of Life Science REIT, describing the woody arsenic “strategically and financially attractive,” instantly EPS accretive, and neutral to nett tangible assets (NTA).

Speaking connected a webcast, CEO Simon Carter said the transaction strengthens British Land’s subject and exertion level astatine a clip erstwhile the radical is seeing “growing request and existent momentum” crossed the sector. Carter pointed to an accelerating U.K. subject and exertion backdrop, noting that task superior backing is astatine its highest level since 2022 and that request from AI and exertion businesses is “particularly strong,” much than offsetting softer conditions successful beingness sciences.

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Carter said the acquisition offers an “attractive introduction price” for a portfolio of well-located assets successful the U.K.’s “Golden Triangle,” with upside from leasing vacant space—much of it recently delivered—and capturing rental reversion. He added that British Land expects to make “significant outgo synergies from time one” by bringing the portfolio onto its operating level and broadening the people tenant basal beyond a beingness sciences-only mandate.

According to management, the portfolio includes:

Two cardinal London buildings successful the Knowledge Quarter: Rolling Stock Yard and Herbrand Street
A 24-acre modern exertion parkland successful Oxford with “very affordable rents”
A 13-acre value-add field successful Cambridge and a smaller azygous Cambridge asset