Highlights

  • British Land announces GBP 150M cash and share offer for Life Science REIT
  • Life Science REIT shareholders expected to hold 2.4% of British Land’s Enlarged Group
  • Berenberg maintains Buy rating on British Land with target price of GBX 506.
  • The company’s Underlying EPS guidance confirmed at GBX 28.5 for FY26, with 6% growth expected FY27

British Land Co PLC (LSE:BLND) has seen its share price rise 12.28% over the past year, as on 28 January 2026. The stock’s upward trajectory coincides with positive broker sentiment, with Berenberg maintaining a Buy rating and a target price of GBX 506. This performance comes alongside a major corporate development - the company’s recommended cash and share offer for Life Science REIT PLC, announced on 28 January 2026.

Under the proposed acquisition, each Life Science REIT shareholder will receive GBX 14.1 in cash and 0.07 new British Land shares. Based on British Land’s closing share price of GBX 410 on 27 January 2026, the offer values Life Science REIT at approximately GBP 150M, representing a 21% premium to the prior closing price and a 15% premium to its three-month Volume weighted average price. Following completion, Life Science REIT shareholders are expected to hold around 2.4% of the Enlarged Group, while British Land shareholders will retain 97.6%.

Strategic Expansion into Prime Science & Technology Hubs

British Land views the transaction with Life Science REIT as an opportunity to expand its Science & Technology campus portfolio. The Life Science REIT portfolio is concentrated in the Golden Triangle, including two central London assets within the Knowledge Quarter, a 24-acre technology park in Oxford, a 13-acre campus in Cambridge, and a smaller single-let asset in Cambridge. The portfolio has shown mid-single digit ERV growth and an 8% net reversionary yield, with a weighted average unexpired lease term of 4.6 years.

The company expects to achieve administrative cost savings by integrating Life Science REIT’s assets onto its platform. Immediate earnings per share accretion is anticipated, while EPRA NTA per share impact is expected to be neutral. British Land also aims to leverage its platform to capture reversion and let up recently delivered space, driving longer-term earnings growth.

Shareholder Approvals and Dividend Eligibility

Life Science REIT shareholders are expected to be eligible for British Land’s final dividend for the year ending March 2026. The scheme is subject to shareholder and court approvals, with implementation expected following the completion of these processes. Irrevocable undertakings and letters of support covering over 31% of Life Science REIT’s issued share capital have been received. 

Q3 Leasing Activity Supports Earnings Outlook

In Q3 FY26, British Land completed 882,000 sq ft of leasing across 151 deals, 8.5% ahead of ERV and 10.2% above previous passing rent. Campus lettings at One Triton Square reached 63,000 sq ft, with 166,000 sq ft under offer. Retail parks delivered 502,000 sq ft of leasing, with occupancy at 99% and footfall up 2.2% year-on-year. The company confirmed underlying EPS guidance of at least GBX 28.5 for FY26, with 6% growth expected in FY27.

Investor Takeaway

British Land’s acquisition of Life Science REIT strengthens its Science & Technology footprint in prime locations while offering immediate EPS accretion and a neutral NTA impact. Combined with confirmed Q3 leasing momentum and Berenberg’s Buy rating with a GBX 506 target, the company’s outlook reflects a clear focus on expanding income streams and shareholder value.