21st Sep 2006 11:21
21 September 2006 Slough Estates announces further 66,000 sq ft biotech letting in California Slough Estates International ("SEI") has signed a further major letting with abiotech sciences company at SEI's Britannia Shoreline Technology Centre in theSan Francisco Peninsula area.The agreement, for 66,000 square feet, has been signed with AlexzaPharmaceuticals, a publicly quoted health sciences company engaged in thedevelopment of the oral delivery of medicines through the lungs. The agreementis for 11 years, with two 5-year options to renew. Although the financial termsare confidential, the initial yield achieves SEI's target levels for thismarket, and the contracted future rental performance is attractive. Rentcommences in April 2007.Marshall Lees, President and CEO of Slough Estates USA (SEUSA), said:"Alexza is precisely the kind of company we had in mind when we acquired thesefacilities in June 2005. With this letting, SEUSA will have only 80,000 squarefeet remaining of the 1,350,000 square feet originally available in theShoreline and Seaport business parks. The transaction further consolidates ourposition as the dominant developer and owner of life sciences facilities in theBay area; generally the outlook for this market remains strong with furthernegotiations underway and a healthy level of enquiries. This transaction bringstotal 2006 lettings in SEUSA's portfolio to over 600,000 sq ft" -ends- For further information please contact:Slough Estates plc Maitland Michael Waring Colin Browne Tel: 01753 213335 Tel: 0207 379 5151 Slough Estates InternationalSlough Estates is the leading European provider of flexible business space andowns business parks in Europe and North America, with property assets of ‚£5.6bn, with over four million square metres of business space and over 1,700customers - all as at 30 June 2006. SEI has an annual rent roll of ‚£289m andthe weighted average unexpired lease length is 11.9 years. Flexible business isspace on industrial sites or business parks which is put to multiple uses, suchas manufacturing, light assembly, distribution (both "small" and "big-box"),research and development, offices and warehousing. Slough Estates' propertiesare in suburban locations in close proximity to the main business centres,where there is long term demand for business accommodation to serve these keyeconomic regions. The company continues to develop new business parks with thelong term objective of building shareholder value and enhancing its reputationfor quality buildings offering excellent value to customers. www.sloughestates.comENDSLOUGH ESTATES PLCRelated Shares:
Segro