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Life Science REIT Acquires Art Deco Building in London's Knowledge Quarter.

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Vincent

MANews-(C)2009-2022

UK-based real estate investment trust Life Science REIT (AIM: LABS) has completed the acquisition of 7-11 Herbrand Street, a Art Deco building close to University College Hospital and University College London in London's Knowledge Quarter, for GBP 85m (USD 104.87m), the company said.

London's Knowledge Quarter includes Bloomsbury, King's Cross and St Pancras.

The purchase price of GBP 85m, excluding acquisition costs, was satisfied entirely in cash and reflects a net initial yield of 4.42% based on the underlying net passing rent of GBP 59.85 per square foot.

The entire building is currently let to Thought Machine, one of the UK's leading fintech companies, until October 2026.

The property, which currently comprises Grade A office space, totals a net internal area of 67,097 square feet on four floors with a partial basement, and represents an ideal opportunity for development as a major life science asset.

It is situated in close proximity to a number of major academic institutions, healthcare organisations and innovative companies including University College London, University College Hospital, the Francis Crick Institute and the Oriel project (a future world leading eye hospital, research and education...

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