Acquisition at Harwell Campus near Oxford

RNS Number : 5987U

Life Science REIT PLC

06 December 2021

 

6 December 2021

LEI: 213800RG7JNX7K8F7525

Life Science REIT plc

("Life Science REIT" or the "Company")

Acquisition at Harwell Campus near Oxford

Life Science REIT (AIM: LABS), the real estate investment trust focused on UK life science properties, announces that it has completed the acquisition of Lumen House on the Harwell Science and Innovation Campus, the prestigious science park near Oxford. Lumen House was acquired on a long leasehold of more than 950 years for £7.05 million satisfied entirely in cash. This represents a net initial yield of 4.4% after acquisition costs.

The property, which formed part of the Company's pipeline of assets referenced in the IPO prospectus, comprises more than 18,000 sq ft of office space, which is 100% let to a single tenant. The property currently generates a contracted rent of c. £330,000.  Lease expiry is within 18 months, creating a number of opportunities for the Company with the existing occupier or with new tenants.

Simon Farnsworth, Managing Director of Ironstone Asset Management Ltd, the Company's Investment Adviser, said:

"Our strategy, detailed at the time of our recent IPO, is to create a diverse portfolio of properties focused on the "Golden Triangle" of Oxford, Cambridge and London St Pancras. We recently completed the substantial transaction of Rolling Stock Yard in London and today's announcement of this smaller transaction marks our first acquisition in the Oxford area, adding further diversity to our property portfolio in line with our strategy."

FOR FURTHER INFORMATION, PLEASE CONTACT:

Ironstone Asset Management - Investment Adviser
Simon Farnsworth	via Buchanan below
Panmure Gordon - Nominated Adviser and Joint Corporate Broker	[phone]
Atholl Tweedie / Sapna Shah / Philip Shields / Chloe Ponsonby
Jefferies International Limited - Joint Corporate Broker	[phone]
Tom Yeadon / Andrew Morris / Oliver Nott
Buchanan - Financial PR	[phone]
Mark Court / Henry Wilson / Verity Parker [e-mail]

Notes to editors

Life Science REIT plc is a property business focused solely on the UK's growing life science sector, specifically targeting opportunities in the "Golden Triangle" research and development hubs of Oxford, Cambridge and London St Pancras. The Company's intention is to become the property provider of choice for life science companies in the UK, whilst enabling shareholders to gain exposure to a specific growth sector. 

The objective of the Company's investment policy is focused on capital growth, whilst also providing a growing level of income, by investing primarily in a diversified portfolio of properties that are leased, or intended to be leased, to tenants operating in the life science sector in the UK. 

Life Science REIT joined the AIM market of the London Stock Exchange on 19 November 2021, having raised £350 million in its IPO. Its shares trade under the ticker LABS.

Further information is available at https://lifesciencereit.co.uk

 

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