Life Science REIT

What Life Science REIT does

Life Science REIT plc (LSE: LABS) is a UK real estate investment trust that acquires, owns, and manages science and technology real estate across the UK's 'Golden Triangle' of Oxford, Cambridge, and London. Founded in 2021 and listed on the London Stock Exchange in November 2021 with a £350 million IPO — the largest UK REIT IPO since 2016 — the company operated a portfolio of five assets totalling 603,400 sq ft, leased to 28 occupiers spanning life sciences, biotechnology, gene therapy, quantum computing, and deep tech. As at 31 December 2024, the portfolio was valued at £385.2m with contracted rent of £15.9m and 84.4% occupancy.

The company's offering consisted entirely of fitted laboratory and hybrid sci-tech workspace with strong ESG credentials — BREEAM 'Excellent' ratings, EPC A/B ratings, and a net zero carbon pathway targeting 2040 (scopes 1 & 2) and 2045 (scope 3). Its revenue model is straightforward recurring rental income, with dividends distributed to shareholders on a semi-annual basis. The company did not develop or sell technology products; its value proposition was real estate specialisation in a supply-constrained UK lab market.

Following a strategic review driven by persistent share price weakness (shares fell from 105p at launch to 35.4p), the company entered a managed wind-down in November 2025 and announced a recommended acquisition by FTSE 100 REIT British Land in January 2026 at 42.8p per share (cash and share), valuing Life Science REIT at approximately £150 million. The deal, expected to complete within three months of announcement, will see LABS shareholders own approximately 2.4% of the enlarged British Land group, and the Golden Triangle portfolio will form part of British Land's expanded science and technology platform representing 35% of its campus footprint.

Name

Life Science REIT

Legal name

Life Science REIT plc

Website

https://lifesciencereit.co.uk

Company type

Public

Founded year

2021

Operating status

Acquired

Headcount range

1–10 employees

Short description

Life Science REIT plc (LSE: LABS) was a UK REIT specialising in life science and technology real estate across the Oxford-Cambridge-London Golden Triangle, operating five assets with 28 occupiers; acquired by British Land in 2026.

Ownership category

akta.pro rank

Product category

Life Science Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)

akta.pro secondary industries

REITs & Listed Real Estate Securities (FSAAAKAD), Life Sciences/Laboratory Property Management (BPAJAGAL)

Keywords

• Life science real estate
• Laboratory property leasing
• Science park REIT
• UK Golden Triangle property
• Sci-tech workspace

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Property Rental Income: Life Science REIT generates recurring rental income from its portfolio of five science and technology properties across the UK. As at 31 December 2024, the portfolio had contracted rent of £15.9m with occupancy at 84.4%. The company distributes dividends to shareholders from rental income and capital returns.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Life Science REIT plc is a UK Real Estate Investment Trust that acquires, owns, and leases fitted laboratory and hybrid science-and-technology workspace to life sciences, biotechnology, and deep-tech occupiers across the UK Golden Triangle (Oxford-Cambridge-London). As at 31 December 2024, the portfolio comprised 5 assets, 603,400 square feet, 28 occupiers, and £15.9m of contracted rent. The company entered a managed wind-down in November 2025 and was acquired by British Land in January 2026.

Product overview

Life Science REIT plc is a Real Estate Investment Trust (REIT) focused on acquiring and developing science and technology properties in the UK's 'Golden Triangle' (Oxford, Cambridge, London). The company operated a portfolio of 5 assets totaling approximately 603,400 square feet with 28 occupiers and a contracted rent of £15.9m as of December 2024. The portfolio was valued at £385.2m with an occupancy rate of 84.4%. In January 2026, British Land acquired Life Science REIT for approximately £150m, and the company subsequently entered a managed wind-down process. The company did not offer software products or technology services; its offering consisted entirely of physical real estate assets leased to life science and technology occupiers.

Differentiator

Problem solved

Functional benefit

Products and services

• UK Golden Triangle Life Science Property Portfolio A portfolio of five science and technology real estate assets (603,400 sq ft total) leased to 28 life sciences, biotechnology, gene therapy, quantum computing and deep-tech occupiers across the UK Golden Triangle, generating £15.9m of contracted annual rent at 84.4% occupancy.
• Fitted Laboratory and Hybrid Sci-Tech Workspace Leasing Specialist fitted laboratory and hybrid sci-tech office space leased to occupiers in life sciences, biotechnology, gene therapy, quantum computing, and advanced technology sectors. Properties feature BREEAM 'Excellent' or 'Very Good' certifications and EPC A/B ratings.

Quantifiable outcome

• Portfolio occupancy of 84.4% across the investment portfolio as at 31 December 2024
• +3 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core.

• G10 Capital Limited (part of IQ-EQ)coreOthersG10 Capital Limited, part of IQ-EQ, serves as the Alternative Investment Fund Manager (AIFM) for Life Science REIT, providing regulatory AIFM services under the UK AIFM Regime and EU AIFMD.
• Ironstone Asset Management LimitedcoreStrategic or Co-development PartnerIronstone Asset Management Limited acts as the Investment Adviser to Life Science REIT, managing the investment strategy and portfolio. Registered office in Watford with London office at 55 Wells Street, W1T 3PT.
• Waystone Administration Solutions (UK) LimitedcoreOthersWaystone Administration Solutions (UK) Limited serves as the Administrator for Life Science REIT, providing fund administration services from Broadwalk House, Southernhay West, Exeter EX1 1TS.
• Deloitte LLPcoreOthersDeloitte LLP serves as the Auditor for Life Science REIT, providing audit services from 2 New Street Square, London EC4A 3BZ.
• CBRE LimitedcoreOthersCBRE Limited acts as the Valuer for Life Science REIT, providing independent property valuations from Henrietta House, Henrietta Place, London W1G 0NB.
• Savills PLCcoreOthersSavills PLC serves as the Property Manager for Life Science REIT, managing the day-to-day operations of the property portfolio from 33 Margaret Street, London W1G 0JD.
• MUFG Corporate Governance LimitedcoreOthersMUFG Corporate Governance Limited serves as Company Secretary and Registrar for Life Science REIT, located at 19th Floor, 51 Lime Street, London EC3M 7DQ.
• GEN II Fund Services (UK) LimitedcoreOthersGEN II Fund Services (UK) Limited acts as the Depositary for Life Science REIT, providing depositary services from 8 Sackville Street, London W1S 3DG.
• FTI Consulting LLPcoreOthersFTI Consulting LLP serves as Financial PR and IR Adviser to Life Science REIT, providing investor relations and communications support from 200 Aldersgate Street, London EC1A 4HD.
• Gowling WLG (UK) LLPcoreOthersGowling WLG (UK) LLP acts as Legal Adviser to Life Science REIT, providing legal counsel from 4 More London Riverside, London SE1 2AU.
• British LandcoreStrategic or Co-development PartnerBritish Land (FTSE 100 REIT) announced a recommended acquisition of Life Science REIT in January 2026 for £150m, offering 42.8p per share (14.1p cash + 0.07 British Land shares). The deal adds five Golden Triangle assets to British Land's portfolio, expanding its science and technology exposure to 35% of campus footprint. Life Science REIT shareholders will own approximately 2.4% of the enlarged British Land group. The deal was expected to complete within three months of announcement.

Scale indicators12 records

Recent moves7 records

Expansion highlights3 records

Broad incumbents

• British Land Company plc: FTSE 100 UK REIT and the announced acquirer of Life Science REIT. Operates a broad UK commercial real estate portfolio with a growing science and technology campus strategy, making it the most direct strategic comparable and the entity now absorbing the LABS portfolio.
• SEGRO plc: FTSE 100 REIT specialising in big-box logistics and urban industrial / data centre property. Comparable as a UK-listed REIT operating specialist, modern, sustainable real estate with institutional occupier focus, though in different property sub-sectors.
• Land Securities Group plc: Largest UK REIT with diversified London and retail exposure, including science and innovation campuses. Comparable as a UK-listed REIT pursuing mixed-use campuses with growing life science content, and a possible direct competitor for institutional life science occupier demand.
• Derwent London plc: Central London office REIT with a growing portfolio repositioned towards science, innovation, and creative occupiers. Comparable as a London-focused REIT pivoting towards higher-quality, specialist space and ESG-led repositioning.
• Great Portland Estates plc: London-centric office REIT with selective repositioning into higher-quality, amenitised workspace. Comparable as a mid-cap London REIT pursuing a quality-and-location-led strategy, although without direct life science exposure.

Regional players

• Shaftesbury Capital PLC: London-focused REIT specialising in mixed-use West End real estate. Comparable as a UK-listed, single-geography REIT targeting specialist occupier demand in prime London locations, though in retail and leisure rather than life science.
• Tritax Big Box REIT plc: UK-listed REIT focused on large-scale logistics real estate. Comparable as a UK-listed, single-sub-sector specialist REIT serving institutional occupier demand, although the asset class (logistics) is different from life science property.

Direct peers

• Helical plc: UK-listed REIT with an explicit focus on London office and laboratory repositioning, including life science conversions in the Golden Triangle. Directly comparable as a smaller UK REIT targeting the same life science and innovation sub-sector.
• Healthpeak Properties: US-listed REIT with a life science and medical office portfolio concentrated in major US innovation hubs. Comparable as a publicly listed life science and innovation-focused REIT, useful as a sector benchmark for capital recycling and tenant relationships.
• Alexandria Real Estate Equities (Alexandria): US-listed REIT and the largest pure-play life science real estate landlord globally, focused on innovation clusters. Directly comparable as a life science REIT serving biotech, gene therapy, and tech occupiers, providing a public-market benchmark for the LABS model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ironstone-asset-management-limited

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Life Science REIT