18 January 2023

LEI 213800RG7JNX7K8F7525

Life Science REIT plc

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

Attractive New Lease at Oxford Technology Park

Letting agreed ahead of ERV with Oxford Ionics

Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life science properties, is pleased to announce the letting of part of the ground floor of Building One at Oxford Technology Park ("OTP") to Oxford Ionics Limited, the record-breaking Oxford University spin-out focused on scalable quantum computing.

The lease was completed on 4,887 sq ft at a rent of £28.50 per sq ft, for two years with a break clause at the end of the first year. This provides Oxford Ionics with initial accommodation while they prepare to occupy larger long term space on the park. With this letting, overall occupancy of the completed space at OTP increases a further 6.8% to 73.6%, with the Company targeting to complete a further 262,000 sq ft of space at OTP during the next 18 months.

Oxford Ionics, which holds world records for the performance of its quantum computer technology, announced last week that it had raised £30 million in Series A funding from some of the world's leading tech investors.

Chris Ballance, Co-founder of Oxford Ionics, said:

"We are delighted to have completed the lease on Building One which is intended to be a stepping stone whilst we await the delivery of our larger space on the park. Quantum computing will revolutionise life sciences, from enabling design of better catalysts through to moving drug discovery from experimentation in test tubes to real-time simulation on computers. Oxford Ionics will be actively targeting life science sector customers as a future revenue source."

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

"This letting at OTP underscores the attractive nature of the specialist real estate provision at this important site in the immediate environs of Oxford. Oxford Ionics is a fantastic example of the very strong calibre of occupiers seeking space at OTP, driven both by the quality of our offering and the pressing scarcity of suitable space in the Oxford area. We are looking forward to working with Oxford Ionics and are very pleased to welcome them as an occupier to OTP.

"Accordingly, we are also seeing a strong volume of enquiries from high quality potential occupiers for the remaining lettings at OTP and we look forward to updating shareholders as these progress."

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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/.