Life Science REIT completes new lease at Oxford Technology Park

14th Oct 2024 10:18

(Sharecast News) - Life Science REIT announced on Monday that it has completed a new lease with quantum technology company Infleqtion for 7,500 square feet of fully-fitted laboratory space at the Innovation Quarter in Oxford Technology Park (OTP).

The London-listed real estate investment trust said it was the first letting of fully-fitted space at OTP, and was achieved at a record rent for the park.

Infleqtion, the third quantum technology business to take space at OTP, develops quantum computers and networks using atomic physics, with potential applications in reducing drug development times and costs in the life sciences industry.

The lease was finalised following the completion of a fit-out, part of an agreement for lease announced in March.

Life Science REIT said the deal marked the third letting at the Innovation Quarter, which was designed to offer flexible space for emerging life science companies.

The transaction also reduced Life Science REIT's target estimated rental value (ERV) to be captured by March 2025 to £2.9m, following recent leasing activity at Cambourne Park.

OTP, acquired by Life Science REIT in May 2022, is home to companies such as Oxford Ionics, Oxford Gene Technology, and the Native Antigen Company.

The park features six completed buildings with further development underway, with Life Science REIT positioning it as a hub for quantum technology and life sciences innovation.

"Infleqtion is a great addition to OTP where we are successfully building a cluster of AI, quantum computing and technology businesses," said Ian Harris, director of asset management at Life Science REIT's investment adviser, Ironstone Asset Management.

"This letting demonstrates the appeal of the fully fitted concept and positions us for a roll out elsewhere at the IQ, extending the depth of the offering at OTP, which can now cater to a range of demand from start ups and scale ups, to well established, global science and technology businesses."

At 0947 BST, shares in Life Science REIT were up 2.53% at 40.5p.

Reporting by Josh White for Sharecast.com.