New Lease at Cambourne Business Park
15 May 2023
LEI: 213800RG7JNX7K8F7525
Life Science REIT plc
("Life Science REIT" or the "Company")
New Lease at Cambourne Business Park
Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life sciences properties, is pleased to announce the letting of 4,877 sq. ft. at building 2020 at Cambourne Business Park ("Cambourne") to Rakon Limited ("Rakon"), a leading global precision timing designer and manufacturer, headquartered in New Zealand, who has been a major player in enabling positioning for agritech for over a decade.
The lease is at a rent of £25.0 per sq. ft. for ten years with a break clause and rent review at the end of the fifth year.
This marks the Company's first life science letting at Cambourne. Rakon is due to fit out the space to create dry labs, increasing the percentage of life sciences space at the park to over 25% by rent.
The 230,000 sq. ft. Cambourne Business Park was acquired by the Company in 2021 with the intention of transitioning the asset to a dedicated life sciences and technology hub, establishing it as the premier science park west of Cambridge. Existing occupiers at Cambourne include Carl Zeiss AG, a global pioneer of scientific optics. Today's letting increases occupancy at the park to 82% providing further asset management opportunities for the Company as it progresses its strategy.
Reza Sedehi, Head of Products of Rakon, said: "Rakon has been designing chipsets to enable connectivity since 2008. Today, we cannot be more excited to relocate our boutique chipset design hub to the UK's silicon fen, as we set to expand our ASIC based product portfolio. Being in Cambourne will allow us to have access to the world's leading engineers, bring us closer to our customers (such as ublox and MediaTek) and provide us with a peaceful, exciting and innovative working environment."
Ian Harris, Director of Asset Management, Ironstone Asset Management, the Company's Investment Advisor said: "Cambourne is an excellent opportunity for the Company to capitalise on the strong demand for science and technology space close to Cambridge. Its combination of high quality, but affordable space and proximity to pioneering academic institutions are attracting innovative businesses and we are delighted to welcome Rakon to Cambourne."
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Enquiries:
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Link Company Matters Limited - Company Secretary |
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labs_cosec@linkgroup.co.uk |
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Ironstone Asset Management - Investment Adviser |
+44 20 3011 2160 |
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Simon Farnsworth |
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Joanna Waddingham, Head of Investor Relations and Corporate Affairs |
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Panmure Gordon (UK) Limited - Joint Corporate Broker |
+44 20 7886 2500 |
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Alex Collins / Tom Scrivens |
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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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LifeSciencereit@buchanan.uk.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 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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