Life Science REIT (LABS)

Sector:

Real Estate

Index:

FTSE Small Cap

38.45p
   
  • Change Today:
    -1.25p
  • 52 Week High: 66.00
  • 52 Week Low: 31.50
  • Currency: UK Pounds
  • Shares Issued: 350.00m
  • Volume: 414,569
  • Market Cap: £134.58m
  • Beta: 0.35

Life Science REIT secures fresh five-year lease from Pro Cam

By Josh White

Date: Wednesday 09 Oct 2024

LONDON (ShareCast) - (Sharecast News) - Life Science REIT announced on Wednesday that Pro Cam UK, an agri-tech business, has signed an agreement for a five-year lease at Cambourne Park Science & Technology Campus.

The London-listed firm said Pro Cam would occupy 4,300 square feet of space at building 2030, relocating from its current premises in building 2020, where it currently leased 7,400 square feet.

It said the new lease would commence on completion of Pro Cam's fit-out, expected in December.

Under the new terms, Pro Cam would pay £25 per square foot - an 8.2% increase from its current rent of £23.1 per square foot - with the rent rising to £30 per square foot in the fourth year of the lease.

The Life Science REIT board said the move would create additional opportunities for the company, as the space vacated in building 2020 was being repurposed into fully-fitted laboratories.

Those labs, set to be completed by the fourth quarter, were reportedly generating significant interest, with all four suites in active lease negotiations.

Life Science REIT reported a strong uptick in occupier interest at Cambourne Park in the second half, with over 90% of the 44,500 square feet of vacant space now under offer or in advanced negotiations.

The lab project was expected to deliver a yield on cost of around 7% and a profit on cost of approximately 25%.

"Pro Cam is a great example of the diversity of life science occupier we are attracting to the park, and supporting existing occupiers with their space requirements as they evolve, is a key element of our strategy," said Ian Harris, director of asset management at Life Science REIT's investment adviser, Ironstone Asset Management.

"Pro Cam's move also creates a future opportunity to do more fully fitted lab space, which delivers attractive returns for the company and further establishes Cambourne as a major life sciences destination."

At 0848 BST, shares in Life Science REIT were up 1.02% at 39.8p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

LABS Market Data

Currency UK Pounds
Share Price 38.45p
Change Today -1.25p
% Change -3.15 %
52 Week High 66.00
52 Week Low 31.50
Volume 414,569
Shares Issued 350.00m
Market Cap £134.58m
Beta 0.35

LABS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
8.52% below the market average8.52% below the market average8.52% below the market average8.52% below the market average8.52% below the market average
16.67% above the sector average16.67% above the sector average16.67% above the sector average16.67% above the sector average16.67% above the sector average
Price Trend
30.24% below the market average30.24% below the market average30.24% below the market average30.24% below the market average30.24% below the market average
44.83% below the sector average44.83% below the sector average44.83% below the sector average44.83% below the sector average44.83% below the sector average
Income
8.67% below the market average8.67% below the market average8.67% below the market average8.67% below the market average8.67% below the market average
39.13% below the sector average39.13% below the sector average39.13% below the sector average39.13% below the sector average39.13% below the sector average
Growth
74.60% above the market average74.60% above the market average74.60% above the market average74.60% above the market average74.60% above the market average
85.71% above the sector average85.71% above the sector average85.71% above the sector average85.71% above the sector average85.71% above the sector average

LABS Dividends

  Latest Previous
  Interim 2nd Interim
Ex-Div 03-Oct-24 04-Apr-24
Paid 31-Oct-24 13-May-24
Amount 1.00p 1.00p

Trades for 21-Nov-2024

Time Volume / Share Price
16:08 9,700 @ 38.64p
15:51 1,627 @ 38.70p
15:51 2,713 @ 38.70p
15:50 2,800 @ 38.70p
14:41 996 @ 38.40p

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