Internationally renowned life sciences campus acquired
The 82-acre York Biotech Campus, at Sand Hutton, has been acquired by LXi Real Estate Investment Trust (REIT).
It is one of just three acquisitions confirmed by the business this morning, for a total cost of £80m, with the other sites based in Glasgow and Aberdeen, following its £100m placing in July.
The campus, which includes 382,000 sq ft of highly specialist facilities, is an “internationally renowned” science facility and a base for a workforce of 1,000 people.
It has a particular specialism in agri-tech, food biotechnology, environmental, medical, healthcare and diagnostic work and is fully let on a long lease to Capita plc, which is listed on the London Stock exchange with a market cap of c. £840m.
As a secure site, the campus has acted as a national response site for the UK Government and has performed a key function during various public health crises, including Covid.
75% of the underlying income at the campus comes from UK Government agencies, with tenants including the Department for Environment, Food & Rural Affairs, Public Health England and The Animal and Plant Health Agency. The remaining 25% of the income is derived from high-growth SMEs.
A statement issued by LXi REIT notes: “Occupational demand for the campus is significant, including from Government entities, and there is expansion space at the property which may provide opportunities for the company to further enhance the value of the asset through the pre-let forward funding of additional buildings.”
