New Lease at OTP

Life Science REIT PLC

13 February 2024

 

February 13, 2024

LEI: 213800RG7JNX7K8F7525

Life Science REIT plc

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

New Lease at Oxford Technology Park

Building 5 let to WAE Technologies Limited

Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life sciences properties, is pleased to announce that it has fully let Building 5 at Oxford Technology Park ("OTP"), covering 57,000 sq. ft. to WAE Technologies Limited ("WAE Technologies"), a technology and engineering services provider delivering innovative solutions to a range of sectors including green energy, medical engineering and automotive.

OTP is strategically located to provide excellent access to the academic and research institutions in and around Oxford University including the neighbouring Begbroke Science Park. Its Hybrid Buildings are highly flexible, and can provide any configuration of offices, labs, R&D and production space, to suit the evolving needs of businesses in this sector. Building 5 reached practical completion this week and is on track to achieve a BREEAM Excellent certification.

WAE Technologies is part of Fortescue, a listed Australian company which also has an investment fund, Foresight WAE Technology Fund, which invests in a wide variety of businesses including spinouts from Oxford and Cambridge Universities such as Refeyn (molecular mass measurement) and ZOMP (3D whole-cell imaging).

WAE Technologies will pay an annual rent of £1,146,000, equating to £20.10 psf for a ten-year term, with a break clause at year five on half the space and a rent review at the end of the fifth year. The space has been fitted out as offices and R&D space by the occupier.

Ian Harris, Director of Asset Management at Ironstone Asset Management, the Company's Investment Adviser, said: "OTP's combination of flexible, affordable, and best in class space as well as its proximity to leading, global life sciences institutions is compelling for a wide range of occupiers. WAE will be the largest occupier at OTP and its presence is a major step forward in delivering a vibrant and collaborative community at OTP."

OTP was acquired by Life Science REIT in May 2022. It now comprises six completed buildings totalling 230,500 sq. ft. and 266,100 sq. ft. of development space. Existing occupiers at the park include The Native Antigen Company, a developer and manufacturer of antigens and antibodies, Oxford Gene Technology, a provider of clinical research and diagnostic solutions and Oxford Ionics, a leading quantum computing business.

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Enquiries:

Ironstone Asset Management - Investment Adviser	[phone]
Simon Farnsworth, Managing Director [e-mail]
Joanna Waddingham, Head of Investor Relations and Corporate Affairs
[e-mail]
Link Company Matters Limited - Company Secretary
[e-mail]
Panmure Gordon (UK) Limited - Joint Corporate Broker	[phone]
Alex Collins / Tom Scrivens
Jefferies International Limited - Joint Corporate Broker	[phone]
Tom Yeadon / Oliver Nott
G10 Capital Limited - AIFM	[phone]
Maria Baldwin
Buchanan - Financial PR	[phone]
Mark Court / Henry Wilson / Verity Parker
[e-mail]

Notes to editors

Life Science REIT plc is a specialist property business focused on the UK's growing life science sector. The Company's portfolio of assets is located across the "Golden Triangle" of research and development hubs in Oxford, Cambridge and London's Knowledge Quarter and its strategic vision is to become the property provider of choice for life science companies in the UK.

Life Science REIT is addressing the acute demand-supply imbalance for laboratory space in the "Golden Triangle", which is characterised by low vacancy rates and prime rental increases. The UK life science sector itself is benefiting from a buoyant early stage funding environment, driving demand for laboratory space.

The Company's diverse portfolio of assets ranges from a 20-acre science park currently under development through to fully let buildings, with an important part of the Company's strategy being the conversion of existing properties to laboratory space.

The Company's investment policy is focused on capital growth whilst also providing a growing level of income.

Life Science REIT trades on the Main Market of the London Stock Exchange under the ticker LABS.

Further information is available at https://lifesciencereit.co.uk. To sign up for email alerts, please visit https://lifesciencereit.co.uk/investors/.

 

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