A new UK life science real estate investment trust (REIT) is planning to raise £300m (€349m) and list its shares on London’s junior investment market.
Life Science REIT, which will be the first London listed REIT, intends to launch an initial public offering on the Alternative Investment Market (AIM) of the London Stock Exchange and issue 300m shares at 100p each as it lists in mid-November.
The company will target assets like laboratories, offices and co-working space, manufacturing and testing facilities, and data centres.
Life Science REIT said it has identified a £445m pipeline of projects of which £305m is “under exclusivity or in an advanced state of negotiations”.
The company has appointed Ironstone Asset Management as its investment adviser.
Claire Boyle, chair of Life Science REIT, said: “The UK’s increasing focus on life science spending has led to increased demand for high-quality real estate in key locations, a focus that has been sharpened by the global experience of the Covid-19 pandemic.
“Quality Life Science Properties are centred on a small number of key geographic locations in the UK where supply is constrained, demand is high, vacancy is low and rents are rising, offering attractive opportunities for investment.”
Simon Farnsworth, MD of Ironstone Asset Management, said: “Given, the significant pipeline under exclusivity or in an advanced state of negotiations, it is planned that the REIT will have access to a large, high-quality portfolio consisting of both income-producing operational assets, and exciting development opportunities, to provide portfolio scale from an early stage.”
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