Life Science REIT lets Oxford Technology Park office space to Arcturis

February 27, 2023

(Alliance News) - Life Science REIT PLC on Monday said it agreed a letting of part of the ground floor of Building One at Oxford Technology Park to Arcturis Data Ltd.

The UK life science properties-focused real estate investment trust said the 10-year lease was completed on 5,509 square feet of office space at a rent of GBP28.66 per square foot.

Arcturis is a healthcare technology company applying "applying advanced analytics and machine learning to generate real-world evidence and novel healthcare insights in both common and rare diseases", Life Science REIT said.

The deal includes a break clause and rent review at the end of the fifth year.

With this letting, Life Science REIT said overall occupancy at Oxford Technology Park increased 7.4% to 86.3%, while hoping to complete a further 262,000 square foot of space for letting in buildings six to 11 during the next 18 months.

"This letting is another great example of the attraction of this important site to the Oxford life science sector. We are pleased to provide Arcturis with the space required to generate insights to support the discovery and development of new medicines and look forward to welcoming them to Oxford Technology Park," said Simon Farnsworth, Ironstone Asset Management Ltd managing director and Life Science REIT's investment adviser.

"The letting further validates the development led approach of the company in creating new high quality space in this growing market with significant unmet requirements. We are also pleased with the significant levels of occupier demand that we are seeing for the remaining completed and developing life science real estate space at this major property."

Shares in Life Science were up 0.3% to 66.00 pence each in London on Monday morning.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Source link

Prudential Cal strives to provide the most detailed information about the real estate industry. We assist people in making the best decisions possible by offering unique insights into the global real estate market and advice for both homebuyers and sellers.
Additional Information
Copyright © 2023 Prudential Cal. All Rights Reserved. Protection Status
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram