Welcome subscribers,
Historic buildings across Europe are being repurposed into modern life sciences facilities, preserving heritage while supporting innovation. Five stunning examples feature in this week's main article, alongside key updates on deals across the UK and Europe:
✅ Switzerland: Schroders increases life sciences exposure
🔒 UK: London's Apex reaches practical completion
🔒 Germany: new labs in Mainz
🔒 Ireland: Principal makes move in Galway
(🔒 for paying members only)
Read below for full details.
— Stephen Ryan (connect with me on LinkedIn)
Five examples of historic buildings transformed into life sciences hubs
Historic buildings across Europe are being repurposed into modern life sciences facilities, preserving heritage while supporting innovation.
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SWITZERLAND LINDAU
Schroder's Swiss investment fund, ImmoPLUS, has undertaken a capital increase in Q1 2025 to finance the acquisition of a life sciences property in Lindau, near Winterthur in the Canton of Zürich, Switzerland. The purchase, completed on November 22, 2024, was valued at CHF 165 million (€172 million / £147 million), excluding additional costs. The property is a single-tenant asset, secured by a 25-year lease agreement, and is expected to deliver a net yield of approximately 4 per cent. The transaction aligns with Schroder ImmoPLUS's strategy of expanding its presence in the life sciences real estate sector.
GERMANY BERLIN
In February, DIE Deutsche Immobilien Entwicklungs AG (DIEAG) secured a leading life science company as another tenant for BE-U | Behrens-Ufer. The international provider of analytical, forensic, and diagnostic biotechnology services signed a long-term lease for approximately 3,000 sq m of space in the historic Peter-Behrens-Bau of the emerging new technology quarter in Berlin-Oberschöneweide. The spaces will be custom-designed and will be used for R&D and production, each with corresponding laboratories and office components. The lease will begin immediately upon completion of the tenant improvements implemented by the landlord. Completion of the tenant improvements is scheduled for the third quarter of 2026.
IRELAND CORK
Real estate investment trust Primary Health Properties (PHP) has extended its investment in the Irish market with the acquisition of a modern health and wellbeing facility in Cork for €22 million (£18.2 million), a yield of 7.1 per cent. The property is fully occupied and leased to Laya Healthcare, part of Axa. The FRI lease has an unexpired term of just over 12 years and has fixed rental uplifts in 2027 and 2032. The property serves as a bespoke urgent care and diagnostic facility. It has been subject to a comprehensive and tenant-led €5.5m (£4.5 million) fit-out, which was project-managed on Laya’s behalf by Axis PHP, the company’s team in Ireland. Read more
