Life Science REIT PLC on Tuesday celebrated fully letting Building 5 at the Oxford Technology Park to WAE Technologies Ltd, a technology and engineering services provider.

The life science property-focused real estate investment trust, which has assets in Oxford, Cambridge and London, said that WAE Technologies will pay annual rent of £1.2 million.

This equates to £20.10 per square foot for a ten-year term, with a break clause at year five on half the space, and a rent review at the end of the fifth year.

‘OTP’s combination of flexible, affordable, and best in class space as well as its proximity to leading, global life sciences institutions is compelling for a wide range of occupiers. WAE will be the largest occupier at OTP and its presence is a major step forward in delivering a vibrant and collaborative community at OTP,’ said Ian Harris, director of asset management at Ironstone Asset Management, Life Science’s investment adviser.

Life Science REIT shares were trading 1.2% lower at 51.00 pence each in London on Tuesday morning.

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