Life Science REIT PLC New Agreement for Lease at Oxford Technology Park

RNS Number : 3968I

Life Science REIT PLC

27 March 2024

 

27 March 2024

LEI: 213800RG7JNX7K8F7525

Life Science REIT plc

("Life Science REIT" or the "Company")

New Agreement for Lease at Oxford Technology Park

Innovation Quarter Letting to Coldquanta UK Limited

Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life sciences properties, is pleased to announce an Agreement for Lease of 7,497 sq. ft. of fully fitted space at the Innovation Quarter ("IQ") at Oxford Technology Park ("OTP") to Coldquanta UK Limited ("ColdQuanta"), part of Infleqtion, a global quantum technology company. The lease will complete once the laboratory fitout works are complete.

ColdQuanta uses atomic physics to build quantum computers and to integrate them across networks, delivering an ecosystem of devices and platforms. This next generation of computing power has the potential to transform the life science industry by significantly reducing drug development time and costs and demonstrates the growing interdependence between technology and life sciences.

ColdQuanta will pay an annual rent of £337,365, equating to £45.0 psf for ten years, with a break clause and rent review at the end of the fifth year. This is a significant premium to other lettings achieved at the IQ and reflects the fact that Life Science REIT is fully fitting out the space.

The IQ is a differentiated offer providing smaller, more flexible space at OTP. Covering 69,700 sq. ft., the IQ reached practical completion in August last year; it is EPC A rated and is on track to achieve a BREEAM Excellent certification.

Ian Harris, Director of Asset Management at Ironstone Asset Management, the Company's Investment Adviser, said: "We are really encouraged by the leasing momentum we are seeing at the IQ, strengthening our conviction in this more flexible format and the fully fitted proposition. The IQ also provides emerging life sciences businesses with the opportunity to grow and collaborate with like-minded businesses at OTP, in neighbouring Begbroke and the academic institutions in Oxford."

OTP was acquired by Life Science REIT in May 2022. It now comprises six completed buildings totalling 231,600 sq. ft. and 266,100 sq. ft. of development space. Existing occupiers at the park include The Native Antigen Company, a developer and manufacturer of antigens and antibodies, Oxford Gene Technology, a provider of clinical research and diagnostic solutions, and Oxford Ionics, a leading quantum computing business.

 

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Enquiries:

Ironstone Asset Management - Investment Adviser	[phone]
Simon Farnsworth, Managing Director [e-mail]
Joanna Waddingham, Head of Investor Relations and Corporate Affairs
[e-mail]
Link Company Matters Limited - Company Secretary
[e-mail]
Panmure Gordon (UK) Limited - Joint Corporate Broker	[phone]
Alex Collins / Tom Scrivens
Jefferies International Limited - Joint Corporate Broker	[phone]
Tom Yeadon / Oliver Nott
G10 Capital Limited - AIFM	[phone]
Maria Baldwin
Buchanan - Financial PR	[phone]
Mark Court / Henry Wilson / Verity Parker
[e-mail]

 

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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