This newsletter is presented by Life Sciences & Research Clusters Awards (more details below)
Welcome subscribers,
This week, we dive into the strategic crossroads facing Life Science REIT, as the UK-listed fund explores a potential sale less than five years after its IPO. Alongside this spotlight, we bring you the latest real estate deals shaping the life sciences landscape across the UK and Europe:
✅ Germany: Novartis on the move
🔒 Netherlands: Kadans at Utrecht Science Park
🔒 Spain: Eli Lilly expands
🔒 UK: Aviva funds a conversion
(🔒 for paying members only)
Read below for full details.
— Stephen Ryan (connect with me on LinkedIn)
Is Life Science REIT nearing its end?
LABS is exploring options including potential sale or wind-down after facing market challenges, with shares trading at a steep discount to NAV.
Presented by Life Sciences & Research Clusters Awards:
Showcase your projects, gain industry recognition, and network with leading peers at the upcoming Life Sciences & Research Clusters Conference & Awards. Entry deadline for the awards is ending soon (11 April), so make sure to register now. See you in London on 24 June!
Transactions
GERMANY MUNICH
Novartis has leased 4,800 sq m at The Stack, a 17,000 sq m hybrid-timber office development by AXA IM Alts and Accumulata, scheduled for completion by early 2026. Novartis switched to this location after withdrawing from a 9,000 sq m lease at Alte Akademie due to insolvency issues faced by developer Signa Group.
GERMANY WITTEN
After a two-year construction phase, Mondial Kapitalverwaltungsgesellschaft mbH has taken over the €21 million (£17.5 million) health centre on Pferdebachstraße in Witten. The five-storey property, completed in February 2025, offers approximately 5,125 sq m of rental space. The fully-leased centre houses eight medical specialties with main tenants including the Ennepe-Ruhr district health department (2,000 sq m), radiology (800 sq m), and dental practice (500 sq m).
IRELAND DUBLIN
Healthcare company Perrigo leased a new €20 million (£16.7 million) headquarters developed by McGarrell Reilly Group at Hogan Place in Dublin 2, occupying 4,180 sq m at €592 per sq m (€55 per sq ft) on a 12-year lease with five-year rent reviews and an option to renew for an additional 10 years. The six-storey building includes parking for 40 cars and 56 bicycles.
