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Life Science REIT PLC on Tuesday said cloud-based banking and payment services company, Thought Machine Group Ltd, has inked a new seven-year lease at its asset on Herbrand Street in London. The real estate investment trust focused on UK life sciences properties said the lease has been agreed with a headline rent of £75.0 per square foot, with it subject to an upward only review following the fourth year. Life Science REIT added that a 16.5-month rent-free period has been included in the lease, further noting that it was inked with agreement from its lending banks ‘who continue to be supportive.’ The trust acquired the 68,600 square foot asset back in 2022, with it noting that Thought Machine is set to remain the sole occupier of the building. Shares in Life Science REIT edged up 2.6% to 39.80 pence on Tuesday afternoon in London. ‘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,’ said Matt Wilkins, chief people officer at Thought Machine. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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