British Land agrees to acquire Life Science REIT
UK British Land has agreed to acquire Life Science REIT for approximately £150 million through a court-sanctioned scheme of arrangement. Life Science REIT shareholders will receive 14.1 pence cash plus 0.07 new British Land shares per share, representing a 21 per cent premium to the last closing price. The acquisition adds five science and technology assets in the Golden Triangle to British Land's campus portfolio. Life Science REIT shareholders will own approximately 2.4 per cent of the enlarged group following completion. Irrevocable undertakings covering 31 per cent of Life Science REIT's share capital have been secured.
More detail in tomorrow's newsletter.
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