REG - Life Science REIT - Thought Machine signs new lease at Herbrand Street

Life Science ReitAnnouncement

09/09/2025 07:00

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RNS Number : 4675Y  Life Science REIT PLC  09 September 2025

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NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

9 September 2025

LEI: 213800RG7JNX7K8F7525

Life Science REIT plc

("Life Science REIT" or the "Company")

Thought Machine, sole occupier at Herbrand Street, re-commits for seven years

Life Science REIT (LSE: LABS), the real estate investment trust focused on UK
life sciences properties, announces that Thought Machine Group Limited
("Thought Machine"), a leading FinTech business providing cloud-based banking
and payments services, has agreed a new seven-year lease at the Company's
asset on Herbrand Street, in the heart of London's Knowledge Quarter, and will
remain the sole occupier of the building.

The new lease has been agreed with a headline rent of £75.0 per sq ft, in
line with the June 2025 ERV and is subject to an upward only review, after the
fourth year. The new lease includes a 16.5 month rent free period and has been
signed with agreement from the Company's lending banks who continue to be
supportive.

Simon Farnsworth, Managing Director at Ironstone Asset Management, the
Company's Investment Adviser, said: "Thought Machine's decision to extend
their commitment at Herbrand Street is a testament to the distinctive nature
of the building as well as its prime location in London's Knowledge Quarter."

Matt Wilkins, Chief People Officer at Thought Machine said: "We are delighted
to agree a new lease at Herbrand Street with the support of Life Science REIT.
This iconic London HQ gives our team the optimal environment to continue
developing market-leading banking technology as we maintain our strong upwards
growth trajectory"

Covering 68,600 sq ft, Herbrand Street was acquired by Life Science REIT in
May 2022. It is a premium, grade II listed building, well located for the
institutions in the Knowledge Quarter, including UCL & UCH and Great
Ormond Street Hospital.

 

END

 

Enquiries:

 Ironstone Asset Management - Investment Adviser                       +44 20 3011 2160
 Simon Farnsworth, Managing Director

 Simon.farnsworth@ironstoneam.com
 Joanna Waddingham, Head of Investor Relations and Corporate Affairs
 Joanna.Waddingham@ironstoneam.com

 MUFG Corporate Governance Limited- Company Secretary
 labs_cosec@cm.mpms.mufg.com

 Panmure Liberum Limited - Corporate Broker and Financial Adviser     +44 20 3100 2000
 Alex Collins / Tom Scrivens

 G10 Capital Limited - AIFM                                           +44 20 7397 5450
 Maria Baldwin

 FTI Consulting - Financial PR                                        +44 20 3727 1000
 Dido Laurimore / Richard Gotla / Oliver Parsons
 LifeScienceReit@fticonsulting.com

 

Notes to editors

Life Science REIT plc is a specialist property business focused on the UK's
growing life science sector. The Company's portfolio of assets is located
across the "Golden Triangle" of research and development hubs in Oxford,
Cambridge and London's Knowledge Quarter and its strategic vision is to become
the property provider of choice for life science companies in the UK.

Life Science REIT is addressing the acute demand-supply imbalance for
laboratory space in the "Golden Triangle", which is characterised by low
vacancy rates and prime rental increases. The UK life science sector itself is
underpinned by strong structural drivers, including an ageing population and a
supportive regulatory environment as well as the growing interdependence with
technology, which is expanding the life science spectrum, driving strong
demand for laboratory space.

The Company's diverse portfolio of assets ranges from a 20-acre science park
currently under development through to fully let buildings, with an important
part of the Company's strategy being the conversion of existing properties to
laboratory space.

The Company's investment policy is focused on capital growth whilst also
providing a growing level of income.

Life Science REIT trades on the Main Market of the London Stock Exchange under
the ticker LABS.

Further information is available at https://lifesciencereit.co.uk
(https://lifesciencereit.co.uk/) . To sign up for email alerts, please visit
https://lifesciencereit.co.uk/investors/
(https://lifesciencereit.co.uk/investors/) .

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