Life Science REIT PLC on Friday said that it has completed the sale of Lumen House in Oxford, England to Harwell Science & Innovation Campus.
Life Science REIT is a London-based life science property-focused real estate investment trust. Harwell is a joint venture between Brookfield and the UK Atomic Energy Authority, together with the Science & Technology Facilities Council.
The sale price was £7.7 million, representing a 5.6% net initial yield, and a 8.5% uplift on the acquisition price of £7.1 million.
Lumen House is located on the Harwell Campus in Oxford.
‘The economic environment in which Life Science REIT acquired Lumen House is very different to the one we face today, and the company is making capital allocation decisions which reflect that,’ said Simon Farnsworth, managing director of Ironstone Asset Management, Life Science’s investment adviser.
‘By realising value from this investment now, we can better focus our efforts and the company’s capital on larger scale opportunities where we are already on site and where we believe that the return profile is more attractive. The fully fitted laboratory initiative at Cambourne Park Science & Technology Campus is a great example of that approach.’
Life Science REIT shares were trading 0.4% higher at 63.25 pence each in London on Friday morning.
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