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Life Science REIT fully lets Rolling Stock Yard
(Sharecast News) - Life Science REIT announced on Friday that it has fully let its Rolling Stock Yard building in London's 'Knowledge Quarter', after securing a lease agreement with autonomous driving company Wayve Technologies. The London-listed firm said the deal covered 10,500 square feet across the seventh and eighth floors at a rent of £84.50 per square foot, with a lease term of just over five years and a break option in November 2028.
It said the agreement filled the vacancy left by Xero, which exited the building three months ago.
Rolling Stock Yard, a nine-storey, 53,900 square foot property near St Pancras station, was acquired by Life Science REIT in December 2021.
"As a pioneer in AI and leader in the field of automated driving, Wayve is a perfect fit for the portfolio, and we are delighted to welcome them to Rolling Stock Yard," said Ian Harris, director of asset management at Ironstone Asset Management, the company's investment adviser.
"The speed with which we have re-let this remaining space is a testament to the quality of the building, the strength of its location, and the resilience of demand for space of this size."
Wayve, founded in 2017, develops embodied AI for automotive applications.
In May 2024, it raised more than $1bn in a series C funding round led by SoftBank, with additional investment from Nvidia, Microsoft and Uber.
At 1109 BST, shares in Life Science REIT were up 1.28% at 48.01p.
Reporting by Josh White for Sharecast.com.
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