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LABS

-0.23%
VERY GOOD

Life Science REIT Secures New Lease at Oxford Technology Park, Setting Rental Record

Why we think this is very good

This RNS announcement is very positive for Life Science REIT. The company has secured a new 10-year lease agreement with Oxford Expression Technologies, a growing biotech company, for 5,600 sq. ft. of space at the Oxford Technology Park. The new rental rate of £46.50 per sq. ft. sets a record for the park, and the total ERV captured since the company's last results is a significant £1.5 million. This demonstrates the company's ability to secure high-quality tenants and achieve strong rental rates, which should have a positive impact on its earnings and financial performance.

Key Points

  • Life Science REIT has signed a new 10-year lease agreement for 5,600 sq. ft. of space at the Oxford Technology Park
  • The new annual rent of £258,200 (£46.50 per sq. ft.) sets a new rental record for the park
  • The lease is with Oxford Expression Technologies Limited, a growing biotech company
  • The new lease will bring the total ERV captured since the Company's HY24 results to £1.5 million

Summary

The real estate investment trust has signed a new 10-year lease agreement for 5,600 sq. ft. of space at the Oxford Technology Park, setting a new rental record for the park.

Life Science REIT has signed an Agreement for Lease of 5,600 sq. ft. at the Innovation Quarter ("IQ") at Oxford Technology Park ("OTP") with Oxford Expression Technologies Limited ("OET"), a biotech company specialising in protein production. The lease will be for 10 years at an annual rent of £258,200 (£46.50 per sq. ft.), setting a new rental record for the park. The lease includes a rent review at the end of the fifth year. This new lease will bring the total ERV captured since the Company's HY24 results announcement in September 2024 to £1.5 million.

Key Dates

1 May 2025
Completion of the fit-out works and commencement of the new lease
Q3 2024
Life Science REIT's HY24 results announcement
May 2022
Life Science REIT's acquisition of Oxford Technology Park
CONTRACT WIN