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(Alliance News) - Life Science REIT PLC on Wednesday said it signed an agreement to lease the second floor of its Rolling Stock Yard asset near King's Cross, London, to a life science company backed by Syncona Ltd.
The Exeter, England-based real estate investment trust focusing on UK life science properties said the letting comprised 7,322 square feet in office space, representing its first conversion of offices into fully fitted laboratory space at Rolling Stock Yard and increases occupancy in the building to 94%.
Rolling Stock Yard is a nine-story life science building wholly owned by Life Science REIT and comprising 57,000 square feet in total. Existing tenants include Gyroscope Therapeutics Ltd, Purespring Therapeutics and Pacific Biosciences of California Inc.
The agreement entails a five-year lease with a tenant break at the third year. This was agreed in advance of completing the asset management plan. Life Science REIT said this demonstrated the strength of demand for high quality laboratory space in the area.
"The letting is further evidence of the success of the company's strategy to drive shareholder value through active asset management," said Simon Farnsworth, who is managing director of Ironstone Asset Managment Ltd, the investment advisor to Life Sciences REIT.
"It represents one of the highest lettings to date in London's Knowledge Quarter, which we regard as one of Europe's premier life science hubs. We look forward to working closely with the company's new occupier and providing further details on their identity in a future update when appropriate."
Michael Kyriakides, investment partner at Syncona, added: "We are pleased to lease further space at Rolling Stock Yard and continue our relationship with a cluster which has a number of distinct advantages for early-stage life sciences companies.
"We place great importance in ensuring that our portfolio companies have access to modern facilities in attractive areas, and we have seen previously with both Gyroscope Therapeutics and Purespring Therapeutics that Rolling Stock Yard has the key ingredients that we believe are essential for success in early-stage biotech."
It said the new tenant is expected to take occupation in March 2023.
Shares in Life Science REIT were down 0.3% to 68.00 pence each in London on Wednesday at midday, while shares in Syncona were up 1.4% to 170.40p.
By Greg Rosenvinge, Alliance News reporter
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