Investment Proposition

First listed REIT offering investors exposure to the UK Life Science sector.

The Theme

  • First UK listed REIT focused on the Life Science sector
  • Initially focused on Life Science clusters in the “Golden Triangle”
  • The UK is at the forefront of life science in Europe, with four of the top ten global research universities, 6,850 businesses and 304,200 jobs
  • UK government has set science high on the national agenda, aiming to ensure the UK is a globally recognised hub
  • Global leader on VC funding per capita – Cambridge leads the ranking and London and Oxford sit within the top 5

Real Estate Fundamentals

  • Life Science real estate includes labs (wet & dry), offices, and manufacturing & prototyping facilities
  • Demand-supply imbalance in the “Golden Triangle” is particularly acute for laboratory space
  • At 31 December 2023, there was only 2.8% lab space availability in Cambridge
  • However, occupier requirements are strong with 1.3m sq ft recorded in the “Golden Triangle” in 2023
  • Take-up in the next 10 years is expected to notably exceed pipeline

The Team

  • Ironstone Asset Management is the Investment Adviser
  • Industry experienced Board
  • Leading investment advisory team led by Simon Farnsworth (CBRE GI, GE and Westmount)
  • Highly respected and experienced real estate professionals, including several members who have experience in building, operating and growing companies, including a listed REIT backed by strong sectoral trends in the UK
  • Excellent relationships with potential vendors, agents, banks, financial institutions and others


  • Global pandemic has focused attention on the Triple Helix1 working to fight disease
  • Catalyst for scientific communities by creating buildings conducive to solving global problems
  • To reduce the impact on the environment, the Company’s asset management approach will include energy efficiency and reduction programmes, tenant engagement and refurbishing and developing dutifully
  • The Company’s success in implementing its ESG strategy will be measured through key performance indicators

Why Now?

  • G9 economies are devoting an increasing % of GDP to Life Science – £435bn in 2020 (8.5% increase on 2019)
  • Forecast undersupply of Life Science real estate expected to lead to upward pressure on rents
  • UK Government’s plans for largest R&D budget: £20.0bn by 2024 – 2025 (+30%)
  • Strong growth in the Life Science sector, accelerated by the pandemic, is driving growth in the UK Life Science property sector
  1. Governments, universities and private companies.