Life Science REIT agrees to new lease at Oxford Technology Park

Real estate investment trust Life Science REIT has agreed to a new lease at its Oxford Technology Park with innovative healthcare technology company Arcturis.

Life Science REIT said on Monday will let 5,509 square feet of the ground floor of Building One at Oxford Technology Park at a rent of £28.66 per square foot, for ten years with a break clause and rent review at the end of the fifth year.

The AIM-listed group stated that with this letting, overall occupancy of the completed space at OTP will increase a further 7.4% to 86.3% - with the company targeting to complete a further 262,000 square feet of space during the next 18 months.

Simon Farnsworth, managing director of Life Sciences' investment adviser Ironstone Asset Management, said: "This letting is another great example of the attraction of this important site to the Oxford life science sector.

"The letting further validates the development led approach of the company in creating new high quality space in this growing market with significant unmet requirements. We are also pleased with the significant levels of occupier demand that we are seeing for the remaining completed and developing life science real estate space at this major property."

As of 1100 GMT, Life Science REIT shares were up 0.30% at 66.0p.

Reporting by Iain Gilbert at Sharecast.com