UK real estate investment trust Life Science REIT is buying a 20-acre science and technology park in a 拢183m (鈧�218m) deal.

The real estate investment trust focused on UK life science properties said it has bought Oxford Technology Park from Angus and Alicia Bates for 拢120.3m.

The sellers have owned and developed the park since 2007.

The acquisition includes Oxford Technology Park鈥檚 debt of 拢33.8m, Life Science REIT said, adding that it will also provide up to 拢62.7m of funding to complete the park鈥檚 build-out.

Once fully developed, Oxford Technology Park will comprise up to 450,000sqft of mixed-use life science space and amenity assets.

The first two of Oxford Technology Park鈥檚 11 units are already. Five further units are due to be completed this year and the final four units during 2023.

The acquisition also includes a completed hotel, let to hotel provider Premier Inn until 2045.

Life Science REIT said it has now invested all of the equity proceeds from its initial public offering in November last year in seven transactions at a total acquisition value of 拢383m.

Simon Farnsworth, managing director of Ironstone Asset Management, Life Science REIT鈥檚 investment adviser, said: 鈥淭here is virtually no new supply of this type, size and quality of space in the Oxford catchment and we are delighted to have secured such an important and strategic asset of scale for our shareholders.鈥�

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