Life Science REIT PLC New Lease at Cambourne Business Park (3274Z)
15 May 2023 - 4:00PM
UK Regulatory
TIDMLABS
RNS Number : 3274Z
Life Science REIT PLC
15 May 2023
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 GBP25.0 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."
END
Enquiries:
Link Company Matters Limited - Company Secretary
labs_cosec@linkgroup.co.uk
+44 20 3011
Ironstone Asset Management - Investment Adviser 2160
Simon Farnsworth
Joanna Waddingham, Head of Investor Relations
and Corporate Affairs
Joanna.Waddingham@ironstone.com
Panmure Gordon (UK) Limited - Joint Corporate +44 20 7886
Broker 2500
Alex Collins / Tom Scrivens
Jefferies International Limited - Joint Corporate +44 20 7029
Broker 8000
Tom Yeadon / Andrew Morris / Oliver Nott /
Harry Randall
+44 20 7397
G10 Capital Limited - AIFM 5450
Verity Morgan-Jones / Paul Cowland
+44 20 7466
Buchanan - Financial PR 5000
Mark Court / Henry Wilson / Verity Parker
LifeSciencereit@buchanan.uk.com
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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END
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