New Lease at Oxford Technology Park

RNS Number : 0483R

Life Science REIT PLC

27 February 2023

 

27 February 2023

LEI 2 13800RG7JNX7K8F7525

Life Science REIT plc

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

New Lease at Oxford Technology Park

Letting agreed with innovative healthcare technology company Arcturis

Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life science properties, is pleased to announce the letting of part of the ground floor of Building One at Oxford Technology Park ("OTP") to Arcturis Data Limited ("Arcturis"), a healthcare technology company applying advanced analytics and machine learning to generate real-world evidence and novel healthcare insights in both common and rare diseases.

The lease was completed on 5,509 sq. ft. of office space at a rent of £28.66 per sq. ft., for ten years with a break clause and rent review at the end of the fifth year. With this letting, overall occupancy of the completed space at OTP increases a further 7.4% to 86.3%, with the Company targeting to complete a further 262,000 sq. ft. of space at OTP (Buildings Six - Eleven) during the next 18 months.

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

"This letting is another great example of the attraction of this important site to the Oxford life science sector. We are pleased to provide Arcturis with the space required to generate insights to support the discovery and development of new medicines and look forward to welcoming them to OTP.

"The letting further validates the development led approach of the Company in creating new high quality space in this growing market with significant unmet requirements. We are also pleased with the significant levels of occupier demand that we are seeing for the remaining completed and developing life science real estate space at this major property."

Enquiries:

Link Company Matters Limited - Company Secretary
[e-mail]
Ironstone Asset Management - Investment Adviser
Simon Farnsworth	via Buchanan below
Panmure Gordon (UK) Limited -Joint Corporate Broker	[phone]
Alex Collins / Chloe Ponsonby / Tom Scrivens
Jefferies International Limited - Joint Corporate Broker	[phone]
Tom Yeadon / Andrew Morris / Oliver Nott / Harry Randall
G10 Capital Limited - AIFM	[phone]
Verity Morgan-Jones / Paul Cowland
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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