Life Science REIT inks letting at Oxford Technology Park

Life Science REIT announced a significant letting of 5,551 square feet of space at the Innovation Quarter (IQ) on Thursday, located within Oxford Technology Park (OTP).

The London-listed firm said the space was leased to Quantum Advanced Solutions, which specialises in developing and manufacturing quantum dot sensors and materials.

Quantum Solutions serves a diverse clientele, including prominent names such as Merck, Panasonic, Nordson, Sony, Imec, and the University of Oxford.

The real estate investment trust said Quantum Solutions strategically chose Oxford as the location for its new facilities to be close to existing and potential clients.

Under the terms of the lease agreement, Quantum Solutions would pay an annual rent of £0.12m, equivalent to £22 per square foot, for ten years.

Additionally, the agreement included a break clause and a rent review at the end of the fifth year.

"This is the second letting at the Innovation Quarter at OTP, proving the concept that emerging life science businesses want more flexible and more affordable space," said Ian Harris, director of asset management at Life Science's investment adviser, Ironstone Asset Management.

"OTP's location, close to the academic and research institutions of Oxford and its proximity to Quantum Advanced Solutions' customer base, was key to their decision to expand with OTP."

At 1233 GMT, shares in Life Science REIT were up 1.1% at 63.69p.

Reporting by Josh White for Sharecast.com.