Life Science REIT sells Lumen house in £7.65m deal

Oxford-based Life Science REIT, the real estate investment trust focused on UK life sciences properties, has completed the sale of Lumen House for £7.65 million to Harwell Science and Innovation Campus.

Lumen House is located on the Harwell Campus in Oxford and will most likely be used as a development opportunity by Harwell Science and Innovation Campus.

A spokesperson for Life Science REIT said: ''The sale provides us with additional flexibility to progress more transformational opportunities.

''These include delivering fully fitted laboratories at Cambourne Park Science and Innovation Campus in Cambridge and progressing the development of Oxford Technology Park.''

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Lumen House was acquired in December 2021 for £7.05 million with the disposal achieving a 9 per cent uplift on the acquisition price. 

Simon Farnsworth, Managing Director of Ironstone Asset Management, the Company's Investment Adviser, said: "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.

''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 and Technology Campus is a great example of that approach."

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