London-listed life sciences company completes £150m debt financing deal with HSBC

Wednesday, March 30, 2022 7:24 a.m.

Life Science REIT has entered into a £150 million debt financing agreement with HSBC, to finance new life science properties in the Golden Triangle: London, Oxford and Cambridge.

The agreement, in what will be the company’s first debt agreement, is made up of a three-year £75m term loan facility and a £75m revolving credit facility. sterling.

The London-listed company, a real estate investment trust focused on life science properties in the UK, has yet to withdraw from its newly disclosed prize pools.

The credit facility is already secured on properties that Life Science purchased after the IPO, the company said in a regulatory filing.

Managing Director of the firm’s investment adviser, Ironstone Asset Management, Simon Farnsworth, said: “The credit facility announced today gives us the flexibility to improve the efficiency of our balance sheet as we continue to make significant progress on a number of acquisition opportunities while increasing our financial resources.

The company, which floated on the London Stock Exchange in November last year, made five acquisitions worth more than £184m after the IPO.

This brings Life Science’s net asset value to around £350 million, according to unaudited results released earlier this month, in the company’s first valuation since its IPO.

Carol M. Barragan