Life Science REIT makes maiden purchase

Life Science REIT, the recently launched real estate investment trust focused on U.K. life science properties, has completed its maiden acquisition with a £77 million (€90 million/$102 million) purchase in London.

The group, which raised £350 million (€410 million/$463 million) in an initial public offering (IPO) in November, has bought Rolling Stock Yard, a nine-story office and laboratory building near London’s St Pancras station from a joint venture of Newmark Properties, Argo Real Estate and Investec Bank.

Rolling Stock Yard, which comprises more than 50,000 square feet of office and laboratory space, is located on York Way just north of King’s Cross and St Pancras stations. The building was completed in March 2020.

Occupancy of the property, which has attracted major life science companies including Gyroscope Therapeutics, is at 76 percent.

Simon Farnsworth, managing director of Ironstone Asset Management, the company’s investment adviser