New Lease at Oxford Technology Park

Life Science REIT PLC

09 August 2023

 

9 August 2023

LEI: 213800RG7JNX7K8F7525

Life Science REIT plc

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

New Lease at Oxford Technology Park

Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life sciences properties, is pleased to announce the letting of 10,765 sq. ft. across two units at the Innovation Quarter at Oxford Technology Park ("OTP") to Oxford Gene Technology IP Limited, a leading provider of clinical research and diagnostic solutions.   

The Innovation Quarter is a differentiated offering within the wider campus targeting emerging life science businesses with smaller, more flexible space which can accommodate both wet and dry labs.  Covering 69,400 sq ft, it reached practical completion this week and has achieved a BREEAM Excellent certification and an EPC A rating. 

Oxford Gene Technology, part of the Sysmex Corporation, a major listed Japanese healthcare business, was founded in 1995 and has expanded rapidly, outgrowing its current space on the neighbouring Begbroke Science Park.  It will pay an annual rent of £220,000, equating to c. £20.40 psf for a 10 year term, with a break clause and rent review at the end of the fifth year.  The space will be hybrid office and laboratory space and is let in shell condition for the occupier to fit out. 

This letting takes all completed space at OTP, let or under offer, to 75%.

Ian Harris, Director of Asset Management, Ironstone Asset Management, the Company's Investment Adviser said: "Oxford Gene Technology is exactly the type of growing, life sciences business that the Innovation Quarter at OTP was designed to attract; the units are smaller, more flexible and more affordable than elsewhere in Oxford but are very close to the academic and research institutions in and around the University.  Across OTP the Company is uniquely positioned with a range of high quality, affordable and well-located space, appealing to occupiers across the life sciences spectrum."  

Oxford Technology Park was acquired by Life Science REIT in May 2022.  It now comprises four completed buildings totalling 173,200 sq ft and 325,700 sq ft of development space.  Existing occupiers at the park include The Native Antigen Company, a developer and manufacturer of antigens and antibodies 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 / Andrew Morris / Oliver Nott / Harry Randall
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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