공시 • Apr 20
British Land Company PLC (LSE:BLND) completed the acquisition of Life Science REIT plc (LSE:LABS) from Saba Capital Management, L.P., Achilles Investment Company Limited, The London & Amsterdam Trust Company, Ltd. and others.
British Land Company PLC (LSE:BLND) reached an agreement to acquire Life Science REIT plc (LSE:LABS) from Saba Capital Management, L.P., Achilles Investment Company Limited, The London & Amsterdam Trust Company, Ltd. and others 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. It is intended that the cash consideration payable by British Land to Life Science REIT Shareholders under the terms of the Acquisition will be funded by British Land’s existing cash resources.
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 has been approved by Life Science shareholders on March 19, 2026. The transaction is expected to complete in April 20, 2026. On April 16, 2026, the court has sanctioned the scheme. The Scheme remains conditional on the delivery to the Registrar of Companies of the Court Order made at the Court Sanction Hearing, which is expected to take place on April 20, 2026.
The transaction will be Immediately EPS accretive post completion.
Fergus Horrobin, Jonathan Retter, Sandip Dhillon, David Sissons and Aadhar Patel of UBS AG, London Branch 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 and MUFG Corporate Markets (UK) Limited act as registrar for Life Science REIT plc. Paul Whitelock and Nicolas Sirtoli of Norton Rose Fulbright is advising UBS AG London Branch as financial adviser to The British Land Company plc on its £150 million recommended cash and shares offer for Life Science REIT plc (Life Science REIT).
British Land Company PLC (LSE:BLND) completed the acquisition of Life Science REIT plc (LSE:LABS) from Saba Capital Management, L.P., Achilles Investment Company Limited, The London & Amsterdam Trust Company, Ltd. and others on April 20, 2026. An application has been made to the London Stock Exchange for 24.5 million New British Land Shares with a nominal value of £0.25 each to be admitted to trading on the Main Market, which is expected to take place on April 21, 2026. Settlement of the Acquisition consideration to which any Scheme Shareholder is entitled will be effected by no later than 4 May 2026. The suspension of listing of the Life Science REIT Shares on the Official List and from trading on the Main Market takes effect from April 20, 2026. Following applications to the FCA and the London Stock Exchange, the cancellation of the Life Science REIT Shares on the Official List and the cancellation of the admission to trading of the Life Science REIT Shares on the Main Market is expected to take effect by April 21, 2026. Upon the Scheme having become Effective, share certificates in respect of the Scheme Shares have ceased to be valid documents of title and entitlements to Scheme Shares held in uncertificated form in CREST are being cancelled. As of the Scheme becoming Effective, Claire Boyle, Sally Ann Forsyth, Richard Howell, Robert Naylor and Michael Taylor have each resigned from the Life Science REIT Board. Gavin Bergin, Michael Wiseman, Paul Case and Rhiannon Owen have been appointed to the Life Science REIT Board.