Life Science REIT signs lease agreement for Oxford Technology Park
Life Science REIT PLC on Monday said it has signed a lease agreement at Oxford Technology Park with Oxford Expression Technologies Ltd.
The real estate investment trust focused on UK life sciences properties said the 5,600 square feet lease at the Innovation Quarter was agreed at an annual rent of £258,200 for a ten-year period. This includes a rent review at the end of the fifth year.
OET is a biotech company specialising in protein production for vaccine development, disease research and drug testing.
Life Science REIT will now fit out the ground floor shell of the property to CL2 laboratory specification, and will develop the first floor into fitted offices. The lease will be granted when works have completed in the second quarter of 2025.
Upon completion, the lease deal will bring the total estimated rental value captured since Life Science REIT’s half-year results announcement in September to £1.5 million.
‘OET is exactly the sort of growing, entrepreneurial business that we had in mind when the IQ was established. With a range of formats and sizes, OTP can cater to the demands of new businesses throughout their life cycle, so we look forward to working with OET as their business develops,’ said Ian Harria, director of Asset Management at Life Science REIT’s investment advisor, Ironstone Asset Management.
Shares in Life Science REIT were up 1.9% at 42.60 pence in London on Monday afternoon. The stock has risen 10% over the past year.
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