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Technology and engineering services provider WAE Technologies Ltd has become the latest tenant at Oxford Technology Park (OTP), reported Life Science REIT, the real estate investment trust.
The latter has fully let Building 5, which covers 57,000 sq ft, at the park for an annual rent of £1,146,000, which equates to £20.10 per square foot (psf) for a ten-year term.
READ MORE: Life Science REIT sells Lumen house in £7.65m deal
WAE Technologies is part of Australian-listed Fortescue, which also has an investment fund Foresight WAE Technology Fund, which invests in a wide variety of businesses including spinouts from Oxford and Cambridge Universities such as Refeyn (molecular mass measurement) and ZOMP (3D whole-cell imaging).
OTP, which provides excellent access to the academic and research institutions in and around Oxford University, was acquired by Life Science REIT in May, 2022.
It now comprises six completed buildings totalling 230,500 sq ft and 266,100 sq ft of development space.
Existing occupiers at the park include The Native Antigen Company, a developer and manufacturer of antigens and antibodies, Oxford Gene Technology, a provider of clinical research and diagnostic solutions and Oxford Ionics, a leading quantum computing business.
Ian Harris, director of asset management at Ironstone asset management, which is Life Science REIT's investment adviser, said: "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."
The deal includes a break clause at year five on half the space and a rent review at the end of the fifth year.
The space has been fitted out as offices and research and development (R&D) space by the occupier.
Life Science REIT is a specialist property business focused on the UK's growing life science sector. Its portfolio of assets is located across the 'Golden Triangle' of research and development hubs in Oxford, Cambridge and London's Knowledge Quarter.
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