Debt Financing Update

23 August 2022

LEI 213800RG7JNX7K8F7525

Life Science REIT plc

("Life Science REIT" or the "Company")

Debt Financing Update

Drawdown to advance asset management plans

Life Science REIT (AIM: LABS), the real estate investment trust focused on UK life science properties, announces that it has completed a second drawdown from its existing £150m debt facility with HSBC totalling £37.2m.

The drawdown is secured against the Company's acquisitions at Herbrand Street in London, Lumen House near Oxford and the Merrifield Centre in Cambridge.

The current debt facility was initially announced on 30 March 2022 and comprises a £75m three year term loan and a £75m revolving credit facility.  The Company has secured additional protection against potential future interest rate rises through capping the SONIA rate at 2.0% until 31 March 2025 on the full amount of the term loan.

In total, £48.7m remains available in the revolving credit facility for future use.

The proceeds from this second drawdown from the debt facility will be used to progress the development and repositioning of assets within the existing portfolio as flagship life science properties following bespoke plans capitalising on their compelling locations. The anticipated works include the fitout of laboratory space at Cambourne Business Park near Cambridge and at Rolling Stock Yard in London's Knowledge Quarter.

Simon Farnsworth, Managing Director of Ironstone Asset Management Ltd, the Company's Investment Adviser, said:

"We are pleased to report further positive progress in developing a high quality and diverse portfolio of life science properties in the key national centres of this critically important industry. The drawdown of this capital enables us to progress these properties to the next stage of their individual asset management plans and we look forward to providing further updates as the repositioning of these assets continues to evolve."

Enquiries:

Notes to editors

Life Science REIT plc is a property business focused solely on the UK's growing life science sector, specifically targeting opportunities in the "Golden Triangle" research and development hubs of Oxford, Cambridge and London St Pancras. The Company's intention is to become the property provider of choice for life science companies in the UK, whilst enabling shareholders to gain exposure to a specific growth sector.

The objective of the Company's investment policy is focused on capital growth, whilst also providing a growing level of income, by investing primarily in a diversified portfolio of properties that are leased, or intended to be leased, to occupiers operating in the life science sector in the UK.

Life Science REIT joined the AIM market of the London Stock Exchange on 19 November 2021, having raised £350 million in its IPO. Its shares trade under the ticker LABS.

Further information is available at https://lifesciencereit.co.uk