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Life Science REIT PLC said on Monday it has completed the £85.0 million acquisition of a building in London.
The life science property investor said the building is close to University College Hospital and University College London and has a net internal area of 67,097 square feet.
The firm added that the deal was satisfied in cash and reflects a net initial yield of 4.4%. The building is currently let to fintech firm Thought Machine until October 2026.
‘Life Science REIT, with support from key advisers, has undertaken a feasibility study to determine the suitability for lab conversion. The study confirmed that the building has great potential and benefits from large floor to ceiling heights, structural slab and large, column-free floor plates,’ the company said.
With this acquisition, Life Science REIT said it has now deployed more than £262 million since its initial publish offering. The company floated on London's junior AIM market in November, raising £350 million - meaning it has deployed around 75% of the funds raised at the time of its IPO.
Simon Farnsworth, managing director of Ironstone Asset Management Ltd, Life Science REIT's investment adviser, said the deal represents ‘further progress’ in the deployment of its IPO proceeds.
‘I am pleased to report that the company's near-term acquisition pipeline remains extremely attractive,’ he added.
Shares in Life Science REIT were up 0.4% at 103.15 pence in London on Monday.
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