Life Science REIT PLC on Thursday celebrated a new lease at Oxford Technology Park, England, agreeing to let a property to Quantum Advanced Solutions Ltd.

Oxford Technology Park was first acquired by Life Science REIT in May 2022, and comprises five completed buildings totalling 173,400 square feet and 333,200 square feet of development space.

The London-based life science property-focused real estate investment trust said it has leased a 69,700 square foot property located in the park’s Innovation Quarter for a 10-year period.

Life Science said that this quarter provides ‘smaller, more flexible space’, which can accommodate the labs and offices of Quantum, a manufacturer of quantum dot sensors whose clients include Sony Group Corp and the University of Oxford.

Under the agreement, Quantum will pay an annual rent of £122,122, equating to £22.00 per square foot, for ten years with a break clause after five.

Ian Harris, director of Life Science’s investment adviser Ironstone Asset Management, said: ‘This is the second letting at the Innovation Quarter at OTP, proving the concept that emerging life science businesses want more flexible and more affordable space. OTP’s location, close to the academic and research institutions of Oxford and its proximity to Quantum Advanced Solutions’ customer base, was key to their decision to expand with OTP.’

Shares in Life Science REIT fell 1.0% to 62.40 pence each in London on Thursday morning.

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