Agreement for Lease at Rolling Stock Yard
25 January 2023
LEI 2 13800RG7JNX7K8F7525
Life Science REIT plc
("Life Science REIT" or the "Company")
Agreement for Lease at Rolling Stock Yard, London
Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life science properties, announces that it has signed an agreement for lease with a life science company backed by Syncona, a UK life science investment company (LSE: SYNC), for the second floor (comprising 7,322 sq ft) of the Company's Rolling Stock Yard asset, in the heart of London's Knowledge Quarter.
This letting represents the Company's first conversion of offices into fully fitted laboratory space at Rolling Stock Yard and increases occupancy in the building to 94%. A five year lease, with a tenant break at year 3, has been agreed well in advance of the completion of the asset management plan, demonstrating the strength of demand for high quality laboratory space in the area. The new tenant is expected to take occupation in March 2023.
Rolling Stock Yard is a premium, nine-story life science building near St Pancras station in London's Knowledge Quarter. The building is wholly owned by Life Science REIT and comprises 57,000 sq ft in total. Existing tenants include Gyroscope Therapeutics, Purespring Therapeutics and Pacific Biosciences.
Simon Farnsworth, Managing Director of Ironstone Asset Management Ltd, the Company's Investment Adviser, said:
"We are excited to announce this significant letting which represents a major milestone for Life Science REIT. The letting is further evidence of the success of the Company's strategy to drive shareholder value through active asset management. It represents one of the highest lettings to date in London's Knowledge Quarter, which we regard as one of Europe's premier life science hubs. We look forward to working closely with the Company's new occupier and providing further details on their identity in a future update when appropriate.
"The volume and quality of enquiries for the life science property from prospective occupiers in London, Oxford and Cambridge is strong and we look forward to providing further updates in due course."
Michael Kyriakides, Investment Partner at Syncona, said:
"We are pleased to lease further space at Rolling Stock Yard and continue our relationship with a cluster which has a number of distinct advantages for early-stage life sciences companies. We place great importance in ensuring that our portfolio companies have access to modern facilities in attractive areas, and we have seen previously with both Gyroscope Therapeutics and Purespring Therapeutics that Rolling Stock Yard has the key ingredients that we believe are essential for success in early-stage biotech."
Paddy Shipp, Head of UK Life Sciences Agency at JLL, commented:
"This new commitment to Rolling Stock Yard highlights the strength of demand for fitted laboratory space that we are currently witnessing across London. The transaction further highlights the benefits for investors/developers delivering speculative suites to the market, meaning we have successfully pre-leased 3 months prior to practical completion."
Enquiries:
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Link Company Matters Limited - Company Secretary |
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Ironstone Asset Management - Investment Adviser |
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Simon Farnsworth |
via Buchanan below |
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Panmure Gordon (UK) Limited -Joint Corporate Broker |
+44 20 7886 2500 |
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Alex Collins / Tom Scrivens / 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 / Harry Randall |
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G10 Capital Limited - AIFM |
+44 20 7397 5450 |
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Verity Morgan-Jones / Paul Cowland |
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Buchanan - Financial PR |
+44 20 7466 5000 |
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Mark Court / Henry Wilson / Verity Parker |
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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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