New Lease at Oxford Technology Park
27 February 2023
LEI 2 13800RG7JNX7K8F7525
Life Science REIT plc
("Life Science REIT" or the "Company")
New Lease at Oxford Technology Park
Letting agreed with innovative healthcare technology company Arcturis
Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life science properties, is pleased to announce the letting of part of the ground floor of Building One at Oxford Technology Park ("OTP") to Arcturis Data Limited ("Arcturis"), a healthcare technology company applying advanced analytics and machine learning to generate real-world evidence and novel healthcare insights in both common and rare diseases.
The lease was completed on 5,509 sq. ft. of office space at a rent of £28.66 per sq. ft., for ten years with a break clause and rent review at the end of the fifth year. With this letting, overall occupancy of the completed space at OTP increases a further 7.4% to 86.3%, with the Company targeting to complete a further 262,000 sq. ft. of space at OTP (Buildings Six - Eleven) during the next 18 months.
Simon Farnsworth, Managing Director of Ironstone Asset Management Ltd, the Company's Investment Adviser, said:
"This letting is another great example of the attraction of this important site to the Oxford life science sector. We are pleased to provide Arcturis with the space required to generate insights to support the discovery and development of new medicines and look forward to welcoming them to OTP.
"The letting further validates the development led approach of the Company in creating new high quality space in this growing market with significant unmet requirements. We are also pleased with the significant levels of occupier demand that we are seeing for the remaining completed and developing life science real estate space at this major property."
Enquiries:
|
Link Company Matters Limited - Company Secretary |
|
|
|
|
|
|
|
|
Ironstone Asset Management - Investment Adviser |
|
|
Simon Farnsworth |
via Buchanan below |
|
|
|
|
Panmure Gordon (UK) Limited -Joint Corporate Broker |
+44 20 7886 2500 |
|
Alex Collins / Chloe Ponsonby / Tom Scrivens |
|
|
|
|
|
Jefferies International Limited - Joint Corporate Broker |
+44 20 7029 8000 |
|
Tom Yeadon / Andrew Morris / Oliver Nott / Harry Randall |
|
|
|
|
|
G10 Capital Limited - AIFM |
+44 20 7397 5450 |
|
Verity Morgan-Jones / Paul Cowland |
|
|
|
|
|
|
|
|
Buchanan - Financial PR |
+44 20 7466 5000 |
|
Mark Court / Henry Wilson / Verity Parker |
|
|
|
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/ .
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 6 hours ago Luceco
- 6 hours ago Helios Towers
- 7 hours ago Wise Class A
- 7 hours ago EDX Medical Group Plc
- 7 hours ago Naked Wines