23rd May 2022 14:30
(Alliance News) - Life Science REIT PLC on Monday said it had successfully deployed its initial public offering proceeds to build its portfolio and looked to the future with confidence.
The London-based real estate investment trust reported revenue of GBP500,000 and a pretax profit of GBP7.7 million for the period from August 1 to the end of the year.
During the period, Life Science successfully raised GBP350 million following an oversubscribed IPO. The company has used the IPO proceeds to buy five life science assets in Oxford, Cambridge, and London.
At the end of 2021, its portfolio valuation was GBP192.2 million, including a revaluation gain of GBP14.5 million.
Life Science REIT said it is planning to pay its first interim dividend in October of this year.
Looking forward, Chair Claire Boyle said: "We remain highly focused on the quality of opportunities and the investment adviser will continue to exercise strict discipline in selecting investment assets for us. The attractions of the asset class and the potential to add value through active asset management mean we are confident of making further progress in the year ahead."
Since the end of 2021, Life Science has added two further acquisitions to its portfolio in Oxford and London.
Shares in Life Science were 0.3% higher at 100.25 pence in London on Monday mid-afternoon.
By Sophie Rose; [email protected]
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