Life Science REIT, a UK real estate investment trust focused on the life-science real estate market, has bought an £85m (€101.3m) asset in London from LabTech.
The company said it has completed the acquisition of 7-11 Herbrand Street, an Art Deco building close to University College Hospital and University College London in London’s Knowledge Quarter.
The building is currently let to UK fintech firm Thought Machine until October 2026.
The property, which currently comprises Grade A office space, totals a net internal area of 67,097sqft on four floors with a partial basement, and represents an ideal opportunity for development as a major life science asset, the company said.
With the latest deal, Life Science REIT has now deployed more than £262m of total capital since its initial public offering (IPO), representing 75% of the net proceeds raised at IPO, the company said.
Simon Farnsworth, managing director of Ironstone Asset Management, Life Science REIT’s investment adviser, said: “The important location and prominent size of the asset, along with attractive physical characteristics such as a large floor to ceiling height, represent an outstanding potential for conversion into a leading long-term life science property.
“The transaction represents further progress in the deployment of our IPO proceeds, which are now approximately 75% invested and I am pleased to report that the company’s near-term acquisition pipeline remains extremely attractive.”
To read the latest edition of the latest IPE Real Assets magazine click here.