Life Science REIT hails new Oxford lease with GBP593,220 annual rent

(Alliance News) - Life Science REIT PLC on Monday celebrated a new lease at Oxford Technology ...

Alliance News 4 December, 2023 | 11:26AM
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(Alliance News) - Life Science REIT PLC on Monday celebrated a new lease at Oxford Technology Park, after agreeing to let Building 6A to Oxford Ionics Ltd.

Life Science REIT is a London-based life science property-focused real estate investment trust, while Oxford Ionics is an Oxford University spinout focused on quantum computing.

Oxford Technology Park was first acquired by Life Science REIT in May 2022, and now comprises five completed buildings totalling 173,400 square feet and 333,200 square feet of development space.

According to the agreement, Oxford Ionics will rent 29,661 square feet across the entirety of Building 6, which is over 6 times larger than its existing footprint of 4,887 square feet at Building 1.

It will pay an annual rent of GBP593,220, with a break clause and rent review at the end of the fifth year.

"We're very excited to take this new space at Oxford Technology Park, which will be our new HQ and the centre of our Quantum Computing as a Service offering. With the capacity to accommodate 20 of our advanced quantum systems, it will also provide space for our world-class team to grow to 150 people," said Chris Ballance, chief executive officer and co-founder of Oxford Ionics.

Life Science REIT shares were virtually flat at 63.23 pence each in London on Monday morning.

By Holly Beveridge, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Life Science REIT Ord 45.80 GBX 3.39 -

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