Life Science REIT announced an Agreement for Lease of 7,497 sq. ft. of fully fitted space at the Innovation Quarter ("IQ") at Oxford Technology Park to Coldquanta UK Limited.

The lease will be completed once the laboratory fitout works are complete. ColdQuanta uses atomic physics to build quantum computers and to integrate them across networks, delivering an ecosystem of devices and platforms. This next generation of computing power has the potential to transform the life science industry by significantly reducing drug development time and costs and demonstrates the growing interdependence between technology and life sciences. ColdQuanta will pay an annual rent of £337,365, equating to £45.0 psf for ten years, with a break clause and rent review at the end of the fifth year.

This is a significant premium to other lettings achieved at the IQ and reflects the fact that Life Science REIT is fully fitting out the space.