Life Science REIT (LABS)

Sector:

Real Estate

Index:

FTSE Small Cap

41.80p
   
  • Change Today:
    -0.40p
  • 52 Week High: 68.60
  • 52 Week Low: 31.50
  • Currency: UK Pounds
  • Shares Issued: 350.00m
  • Volume: 977,692
  • Market Cap: £146.30m

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 41.80p
Change Today -0.40p
% Change -0.95 %
52 Week High 68.60
52 Week Low 31.50
Volume 977,692
Shares Issued 350.00m
Market Cap £146.30m

LABS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
13.68% below the market average13.68% below the market average13.68% below the market average13.68% below the market average13.68% below the market average
4.00% above the sector average4.00% above the sector average4.00% above the sector average4.00% above the sector average4.00% above the sector average
Price Trend
35.53% below the market average35.53% below the market average35.53% below the market average35.53% below the market average35.53% below the market average
53.33% below the sector average53.33% below the sector average53.33% below the sector average53.33% below the sector average53.33% below the sector average
Income
11.38% below the market average11.38% below the market average11.38% below the market average11.38% below the market average11.38% below the market average
33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average
Growth
74.28% above the market average74.28% above the market average74.28% above the market average74.28% above the market average74.28% above the market average
86.21% above the sector average86.21% above the sector average86.21% above the sector average86.21% above the sector average86.21% 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 31-Oct-2024

Time Volume / Share Price
16:19 175,000 @ 42.50p
16:35 194,002 @ 41.80p
16:35 15,264 @ 41.80p
16:35 396 @ 41.80p
16:35 766 @ 41.80p

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