Life Science REIT inks big lease at Oxford Technology Park
Life Science REIT announced the full occupancy of building five at Oxford Technology Park (OTP) on Tuesday, encompassing 57,000 square feet, by technology and engineering services provider WAE Technologies.
The London-listed company said the building , recently completed and poised to attain a BREEAM Excellent certification, was leased to WAE for a ten-year term, at an annual rent of £1,146,000, translating to £20.10 per square foot.
It said the lease incorporated a break clause at the halfway mark and a rent review at the end of the fifth year.
Life Science REIT said WAE Technologies is a subsidiary of Fortescue, a publicly listed Australian entity, operates within diverse sectors such as green energy, medical engineering, and automotive.
Fortescue also manages the Foresight WAE Technology Fund, which supports a spectrum of businesses, including ventures originating from prestigious academic institutions like Oxford and Cambridge Universities.
Among those ventures was Refeyn, specialising in molecular mass measurement, and ZOMP, renowned for its 3D whole-cell imaging technology.
The company said the occupied space within building five had been tailored to accommodate offices and research and development facilities to suit the specific requirements of WAE Technologies.
“OTP's combination of flexible, affordable, and best in class space as well as its proximity to leading, global life sciences institutions is compelling for a wide range of occupiers,” said Ian Harris, director of asset management at the company’s investment adviser, Ironstone Asset Management.
“WAE will be the largest occupier at OTP and its presence is a major step forward in delivering a vibrant and collaborative community at OTP.”
At 0835 GMT, shares in Life Science REIT were up 1.55% at 52.4p.
Reporting by Josh White for Sharecast.com.