Last checked at 23 Mar 2023 07:00
23 March 2023
REACH
LEI 213800RG7JNX7K8F7525
Life Science REIT plc
("Life Science REIT" or the "Company")
Publication of Cell and Gene Therapy Report
Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life science properties, is pleased to announce that Ironstone Asset Management Ltd ("Ironstone") has collaborated with leading property consultant Bidwells LLP ("Bidwells") on the publication of a report focusing on the rapid growth of Cell and Gene Therapy ("CGT") in the UK and the implications for specialist real estate.
The worldwide CGT market is forecast to grow from just $5 billion in 2020 to $58 billion by 2026, according to life science data specialist Evaluate Pharma, and therefore demand for unique properties to service this market is accelerating.
Key findings from the report, which was released today and includes contributions from Ironstone's life science analyst Tahrima Rahim, include:
· Across Cambridge, 96% of laboratory take up in 2022 was by companies in the life science sector with CGT businesses dominating this activity; 71% of laboratory lettings (by floorspace) were by companies working in CGT.
· 30% of Cambridge office floorspace take up in 2022 was by life science companies, and CGT companies were responsible for half of this volume.
· Similarly, in Oxford, 67% of laboratory lettings (by floorspace) were taken by CGT companies.
A copy of the report can be found on the Company's website at this link: https://lifesciencereit.co.uk/
Max Bryan, Head of Science and Technology at Bidwells, said:
"In the Oxford-Cambridge Arc, a region where UK life sciences has a critical mass and is home to giants like Illumina and AstraZeneca, cell and gene therapy companies account for most of lab take-up. But the problem is that we can't build much-needed lab space fast enough. In fact, availability rates in Oxford and Cambridge are at near-zero.
"If the UK is to truly become a 'scientific superpower', ministers must focus on harnessing the power of the industries we are already world leaders in. That requires funding, but also physical infrastructure which is currently hampering the growth ambitions of the unicorns of tomorrow."
Simon Farnsworth, Managing Director of Ironstone Asset Management Ltd, the Company's Investment Adviser, said:
"We are delighted to have collaborated with Bidwells on this report which focuses on a very high growth segment of life science real estate. As the report clearly shows, there is enormous demand for appropriate real estate for cell and gene therapy companies with our London asset Rolling Stock Yard now more than 50% occupied by companies focussed on this sector. Previous research by Bidwells has highlighted the extreme shortage of available laboratory space in Cambridge and elsewhere in the UK, an unmet need that the Company's strategy aims to address.
"It is notable that the Company's impressive asset at Oxford Technology Park, part of which is leased to Native Antigen, is highlighted as one of the case studies in the report on this innovative and rapidly growing field of UK life science real estate."
Enquiries:
Link Company Matters Limited - Company Secretary |
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labs_cosec@linkgroup.co.uk |
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Ironstone Asset Management - Investment Adviser |
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Simon Farnsworth | via Buchanan below |
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Panmure Gordon (UK) Limited - Joint Corporate Broker | +44 20 7886 2500 |
Alex Collins / Tom Scrivens | |
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Jefferies International Limited - Joint Corporate Broker | +44 20 7029 8000 |
Tom Yeadon / Andrew Morris / Oliver Nott / Harry Randall
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G10 Capital Limited - AIFM | +44 20 7397 5450 |
Verity Morgan-Jones / Paul Cowland | |
Buchanan - Financial PR |
+44 20 7466 5000 |
Mark Court / Henry Wilson / Verity Parker | |
LifeSciencereit@buchanan.uk.com |
Notes to editors
Life Science REIT plc is a specialist property business focused on the UK's growing life science sector. The Company's portfolio of assets is located across the "Golden Triangle" of research and development hubs in Oxford, Cambridge and London's Knowledge Quarter and its strategic vision is to become the property provider of choice for life science companies in the UK.
Life Science REIT is addressing the acute demand-supply imbalance for laboratory space in the "Golden Triangle", which is characterised by low vacancy rates and prime rental increases. The UK life science sector itself is benefiting from a buoyant early-stage funding environment, driving demand for laboratory space.
The Company's diverse portfolio of assets ranges from a 20-acre science park currently under development through to fully let buildings, with an important part of the Company's strategy being the conversion of existing properties to laboratory space.
The Company's investment policy is focused on capital growth whilst also providing a growing level of income.
Life Science REIT trades on the Main Market of the London Stock Exchange under the ticker LABS.
Further information is available at https://lifesciencereit.co.uk. To sign up for email alerts, please visit https://lifesciencereit.co.uk/investors/.