Acquisition of The Merrifield Centre in Cambridge
6 December 2021
LEI: 213800RG7JNX7K8F7525
Life Science REIT plc
("Life Science REIT" or the "Company")
Acquisition of The Merrifield Centre in Cambridge
Life Science REIT (AIM: LABS), the real estate investment trust focused on UK life science properties, announces that it has acquired the freehold of The Merrifield Centre in Cambridge for £4.8 million excluding acquisition costs. The purchase price was satisfied entirely in cash and represents a net initial yield of 5.9%.
The property, which formed part of the pipeline of assets referenced in the Company's IPO prospectus, comprises more than 12,000 sq ft and is situated just to the east of Cambridge city centre in a mixed-use commercial area with strong transport links.
The Merrifield Centre, which is at 100% occupancy, consists of office and laboratory space let to two tenants working in drug discovery. The property currently generates c. £290,000 of contracted rent per annum, equivalent to £23 psf, and has an unexpired lease term of 10 years.
Simon Farnsworth, Managing Director of Ironstone Asset Management Ltd, the Company's Investment Adviser, said:
"The Merrifield Centre is a quality property with attractive income in the heart of the Cambridge science and technology hub. Its acquisition by Life Science REIT is in line with our strategy of creating a diverse portfolio of properties focused on the "Golden Triangle" of Oxford, Cambridge and London St Pancras."
FOR FURTHER INFORMATION, PLEASE CONTACT:
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Ironstone Asset Management - Investment Adviser |
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Simon Farnsworth |
via Buchanan below |
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Panmure Gordon - Nominated Adviser and Joint Corporate Broker |
+44 20 7886 2500 |
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Atholl Tweedie / Sapna Shah / Philip Shields / Chloe Ponsonby |
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Jefferies International Limited - Joint Corporate Broker |
+44 20 7029 8000 |
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Tom Yeadon / Andrew Morris / Oliver Nott |
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Buchanan - Financial PR |
+44 20 7466 5000 |
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Mark Court / Henry Wilson / Verity Parker LifeSciencereit@buchanan.uk.com |
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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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