CFDX takes remaining floor at Rolling Stock Yard
5 February 2025
LEI: 213800RG7JNX7K8F7525
Life Science REIT plc
("Life Science REIT" or the "Company")
CFDX takes remaining floor at Rolling Stock Yard
Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life sciences properties, has let 5,100 sq ft of fully fitted space at Rolling Stock Yard, located in the heart of London's Knowledge Quarter, to CFDX Ltd ("CFDX"), a precision neuroscience company, that uses AI to detect dementia earlier than traditional methods.
CFDX has signed an eight-year lease with a break after four years for the first floor, and are paying a rent of £110 psf, taking occupancy at Rolling Stock Yard to 100%.
Since acquisition, Life Science REIT has delivered two fully fitted laboratory options at Rolling Stock Yard, with the other floor let to Beacon Therapeutics, a Syncona backed company in 2023.
In its HY24 results announcement in September, Life Science REIT detailed that it was under offer or in advanced negotiations on £3.2 million of ERV which it expected to capture by March 2025. Including new leases agreed with Pro Cam UK Limited at Cambourne Park and Infleqtion at Oxford Technology Park, this transaction brings total ERV captured to £0.8 million and the Company expects to make further announcements over the coming weeks with a number of lettings currently in advanced negotiations.
Ian Harris, Director of Asset Management at Ironstone Asset Management, the Company's Investment Adviser, said: "CFDX is the latest innovative life science business to take space at Rolling Stock Yard. Demand for life science space remains resilient, but sharply focused on quality, location and the right specification. This transaction demonstrates the suitability of our space for leading life science businesses."
Dr Hannah Madan, Co-Founder CFDX, said: "The Ironstone team has been fantastic, and were a key reason for our decision to move to Rolling Stock Yard. This is an exceptional location, and we are really excited about the way in which our business will grow and develop in our new London home."
CFDX was founded in 2023 and is expanding from LBIC (the London Bioscience Innovation Centre). Their move follows a seed fundraising round which completed this month.
Rolling Stock Yard was acquired by Life Science REIT in December 2021. It is a premium, nine-storey building near St Pancras station in London, covering 53,900 sq ft.
END
Enquiries:
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Ironstone Asset Management - Investment Adviser |
+44 20 3011 2160 |
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Simon Farnsworth, Managing Director Simon.farnsworth@ironstoneam.com |
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Joanna Waddingham, Head of Investor Relations and Corporate Affairs |
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Joanna.Waddingham@ironstoneam.com |
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Link Company Matters Limited - Company Secretary |
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labs_cosec@linkgroup.co.uk |
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Panmure Liberum Limited - Corporate Broker and Financial Adviser |
+44 20 3100 2000 |
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Alex Collins / Tom Scrivens |
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G10 Capital Limited - AIFM |
+44 20 7397 5450 |
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Maria Baldwin |
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FTI Consulting - Financial PR |
+44 20 3727 1000 |
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Dido Laurimore / Richard Gotla / Oliver Parsons |
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LifeScienceReit@fticonsulting.com |
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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 underpinned by strong structural drivers, including an ageing population and a supportive regulatory environment as well as the growing interdependence with technology, which is expanding the life science spectrum, driving strong 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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