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27 Jun 2025 07:00
27 June 2025
LEI: 213800RG7JNX7K8F7525
Life Science REIT plc
("Life Science REIT" or the "Company")
Rolling Stock Yard fully let, with Wayve Technologies taking the remaining two floors
Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life sciences properties, has let 10,500 sq ft of space at its Rolling Stock Yard asset, located in London's Knowledge Quarter, to Wayve Technologies Ltd ("Wayve"), a pioneer in Embodied AI for automotive and a leader in AI in the UK.
Wayve has signed a lease for just over five years, with a break in November 2028, for floors seven and eight, and are paying a rent of £84.50 psf. The transaction follows the vacation of Xero Limited, just three months ago. As a result, Rolling Stock Yard is now fully let.
Ian Harris, Director of Asset Management at Ironstone Asset Management, the Company's Investment Adviser, said: "As a pioneer in AI and leader in the field of automated driving, Wayve is a perfect fit for the portfolio, and we are delighted to welcome them to Rolling Stock Yard. The speed with which we have re-let this remaining space is a testament to the quality of the building, the strength of its location, and the resilience of demand for space of this size."
Wayve was founded in 2017 and in May 2024, it announced a +$1 billion series C investment round, led by SoftBank Group, with contributions from NVIDIA, Microsoft and Uber.
Rolling Stock Yard was acquired by Life Science REIT in December 2021. It is a premium, nine-storey building near St Pancras station in London, covering 53,900 sq ft.
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Enquiries:
Ironstone Asset Management - Investment Adviser | +44 20 3011 2160 |
Simon Farnsworth, Managing Director Simon.farnsworth@ironstoneam.com | |
Joanna Waddingham, Head of Investor Relations and Corporate Affairs | |
Joanna.Waddingham@ironstoneam.com | |
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Link Company Matters Limited - Company Secretary |
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labs_cosec@linkgroup.co.uk |
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Panmure Liberum Limited - Corporate Broker and Financial Adviser | +44 20 3100 2000 |
Alex Collins / Tom Scrivens | |
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G10 Capital Limited - AIFM | +44 20 7397 5450 |
Maria Baldwin | |
FTI Consulting - Financial PR |
+44 20 3727 1000 |
Dido Laurimore / Richard Gotla / Oliver Parsons | |
LifeScienceReit@fticonsulting.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 underpinned by strong structural drivers, including an ageing population and a supportive regulatory environment as well as the growing interdependence with technology, which is expanding the life science spectrum, driving strong 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/.
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