10th Feb 2025 10:37
(Alliance News) - Life Science REIT PLC on Monday said it let space at its Cambourne Park Science & Technology Campus in Cambridge.
The real estate investment trust focused on UK life sciences properties let 17,200 square feet at building 1020 to 42 Technology Ltd under a 10-year lease. 42T pays GBP25.50 per square foot in rent, or around GBP438,600 in total, higher than the June 2024 estimated rental value.
42T is taking vacant office space which it intends to partially convert to laboratory space.
Ian Harris, director of Asset Management at Ironstone Asset Management, Life Science's investment adviser, said: "Our plans to reposition Cambourne Park as a science and technology destination are now bearing fruit. The addition of innovative businesses like 42T is building a critical mass of life science and technology businesses which is key to attracting new occupiers to the park.
"We continue to be encouraged by the level of interest we are seeing here and across the wider portfolio."
Last week on Wednesday, Life Science said it let 5,100 square feet of fully fitted space at Rolling Stock Yard in London's Knowledge Quarter to CFDX Ltd, a precision neuroscience company that uses artificial intelligence to detect dementia earlier than traditional methods.
Back in September, Life Science reported that net asset value per share fell 5.8% to 76.4 pence as at June 30, from 81.1p at December 31, 2023.
Life Science shares were 0.6% higher at 36.20 pence each on Monday morning in London, giving it a market capitalisation of GBP126.9 million.
By Tom Budszus, Alliance News slot editor
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