LabTech has agreed the sale of 7-11 Herbrand Street, an iconic Art Deco building in London’s Knowledge Quarter to Life Science REIT (AIM: LABS), the real estate investment trust focused on UK life science properties for £85 million.
The property totals a net internal area of 67,097 square feet and currently serves as headquarters for a leading UK fintech.
Robert Akkermann, Chief Investment Officer of LabTech, says: “We acquired this iconic building in March 2016 for £56 million and transformed it into a new state-of-the-art office for a leading UK fintech and now believe that it is the optimal time to take advantage of the lack of supply of similar assets within Central London.”
Eylon Garfunkel Chief Executive Officer added “LabTech is a dynamic organization and constantly reappraising its portfolio to ensure it maximises every opportunity and we are currently looking for new investment opportunities in the UK market.”
Simon Farnsworth, Managing Director of Ironstone Asset Management Ltd, Life Science REIT Investment Adviser, said:
“We are delighted to have secured such a major acquisition for the Company in London’s Knowledge Quarter. The important location and prominent size of the asset, along with attractive physical characteristics such as a large floor to ceiling height, represent outstanding potential for conversion into a leading long-term life science property.
“The transaction represents further progress in the deployment of our IPO proceeds, which are now approximately 75% invested and I am pleased to report that the Company’s near-term acquisition pipeline remains extremely attractive.”
LabTech is an international real estate investor and developer, with circa 20 acres of real estate in central London, including Camden Market and the recently opened Hawley Wharf mixed-use development in Camden.
