Slough Estates announces 66,000 sq ft biotech l...
21 September 2006
Slough Estates announces further 66,000 sq ft biotech letting in California
Slough Estates International ("SEI") has signed a further major letting with a
biotech sciences company at SEI's Britannia Shoreline Technology Centre in the
San Francisco Peninsula area.
The agreement, for 66,000 square feet, has been signed with Alexza
Pharmaceuticals, a publicly quoted health sciences company engaged in the
development of the oral delivery of medicines through the lungs. The agreement
is for 11 years, with two 5-year options to renew. Although the financial terms
are confidential, the initial yield achieves SEI's target levels for this
market, and the contracted future rental performance is attractive. Rent
commences in April 2007.
Marshall Lees, President and CEO of Slough Estates USA (SEUSA), said:
"Alexza is precisely the kind of company we had in mind when we acquired these
facilities in June 2005. With this letting, SEUSA will have only 80,000 square
feet remaining of the 1,350,000 square feet originally available in the
Shoreline and Seaport business parks. The transaction further consolidates our
position as the dominant developer and owner of life sciences facilities in the
Bay area; generally the outlook for this market remains strong with further
negotiations underway and a healthy level of enquiries. This transaction brings
total 2006 lettings in SEUSA's portfolio to over 600,000 sq ft"
-ends-
For further information please contact:
Slough Estates plc Maitland
Michael Waring Colin Browne
Tel: 01753 213335 Tel: 0207 379 5151
Slough Estates International
Slough Estates is the leading European provider of flexible business space and
owns business parks in Europe and North America, with property assets of £
5.6bn, with over four million square metres of business space and over 1,700
customers - all as at 30 June 2006. SEI has an annual rent roll of £289m and
the weighted average unexpired lease length is 11.9 years. Flexible business is
space on industrial sites or business parks which is put to multiple uses, such
as manufacturing, light assembly, distribution (both "small" and "big-box"),
research and development, offices and warehousing. Slough Estates' properties
are in suburban locations in close proximity to the main business centres,
where there is long term demand for business accommodation to serve these key
economic regions. The company continues to develop new business parks with the
long term objective of building shareholder value and enhancing its reputation
for quality buildings offering excellent value to customers.
www.sloughestates.com
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