LONDON (ShareCast) - (Sharecast News) - Real estate investment trust Life Science has acquired the freehold to a further three buildings at Cambourne Business Park near Cambridge from Coal Pension Properties for £50.1m, excluding acquisition costs.
Life Science, which said on Monday that the acquisition was satisfied entirely in cash and reflected a net initial yield of 5.5%, noted that the acquisition followed its £38.7m acquisition on 7 December of an initial three properties at Cambourne, giving the company a total 230,000 square feet across six adjoining properties at the park, representing 100% of the commercial property on the site.

The AIM-listed firm intends to invest further into the site in order to create additional lab facilities and rebrand the six acquired assets.

The property currently generates roughly £2.92m of contracted rent per annum, including guarantees, and has a weighted average unexpired lease term of 5.67 years.

As of 1300 GMT, Life Science shares were down 0.15% at 101.10p.

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