4 December 2023

LEI: 213800RG7JNX7K8F7525

Life Science REIT plc

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

New Lease at Oxford Technology Park

Building 6A let to Oxford Ionics Limited

Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life sciences properties, is pleased to announce the letting of 29,661 sq. ft. across the entirety of Building 6A at Oxford Technology Park ("OTP") to Oxford Ionics Limited ("Oxford Ionics"), an Oxford University spinout and pioneer in quantum computing.  Oxford Ionics is an existing occupier at OTP and the new lease is more than six times its existing footprint of 4,887 sq. ft. at Building 1. 

Oxford Ionics's proprietary Electronic Qubit Control technology provides the most stable and scalable method for delivering quantum computing technology.  Its pioneering performance enables the design of better catalysts used in processes such as drug discovery, experimentation in test tubes or real-time simulation on computers.

Building 6A is an innovative, high-tech hybrid building which provides a contemporary office style frontage with flexible internal space allowing the office, R&D laboratory and production content of buildings to vary from 25% to 50% to suit a range occupier requirements. It is targeting a BREEAM Excellent certification.

Oxford Ionics will pay an annual rent of £593,220, equating to £20.0 psf for a ten-year term, with a break clause and rent review at the end of the fifth year.

Ian Harris, Director of Asset Management, Ironstone Asset Management, the Company's Investment Adviser said: "Oxford Ionics is a great example of how OTP can accommodate fast-growing life sciences businesses by providing specialist space to meet their needs as they evolve.  At OTP, we are delivering units covering the whole spectrum: from small, more flexible and affordable space to larger hybrid buildings and plug and play lab space all in close proximity to the academic and research institutions in and around Oxford University."

Chris Ballance, CEO and Co-Founder of Oxford Ionics said: "We're very excited to take this new space at Oxford Technology Park, which will be our new HQ and the centre of our Quantum Computing as a Service offering. With the capacity to accommodate 20 of our advanced quantum systems, it will also provide space for our world-class team to grow to 150 people."

OTP was acquired by Life Science REIT in May 2022. It now comprises five completed buildings totalling 173,400 sq. ft. and 333,200 sq. ft. of development space.

Existing occupiers at the park include The Native Antigen Company, a developer and manufacturer of antigens and antibodies, and Oxford Gene Technology, a provider of clinical research and diagnostic solutions.

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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/.