LumiraDx, a global digital health business, has expanded their UK Care Solutions division into new offices at Tolvaddon Business Park in Redruth, representing the largest office letting in Cornwall in the last twelve months. LumiraDx has agreed terms to occupy 9,697 sq ft over two neighbouring buildings, 1 North Crofty and 1 South Crofty, to take account of their growing team of clinical and technology experts.
The Business Park was recently purchased by London & Scottish Property (LSI), Asset Manager to Regional REIT Limited, the UK regional office and industrial property focused real estate investment trust, in an investment deal that completed in the New Year. Thomas Smith, Head of Commercial Agency here at Miller Commercial who acted for the landlord said, “This is a great result for Regional REIT but also for LumiraDx taking advantage of the opportunity to expand in a market that is characterised by very low supply of modern, purpose built office accommodation. We look forward to seeing Lumira grow and expand their operation further with his new office acquisition”.
A spokesperson for Lumira said “We’ve choosen to invest in a flexible, accessible work environment which can support our expansion as well as offering the right space and facilities to work on our ambitious plans to deliver innovative products which will really transform health management. ”
About Regional REIT
About Regional REIT Regional REIT Limited (LSE: RGL) is a London Stock Exchange Main Market traded specialist real estate investment trust focused on office and industrial property interests in the principal regional locations of the United Kingdom outside of the M25 motorway.
Regional REIT is managed by London & Scottish Investments, the Asset Manager, and Toscafund Asset Management, the Investment Manager, and was formed by the combination of two existing funds previously created by the Managers as a differentiated play on the expected recovery in UK regional property, to deliver an attractive total return to Shareholders and with a strong focus on income.
The Group’s investment portfolio, as at 31 December 2017, was spread across 164 regional properties, 1,368 units and 1,026 tenants. As at 31 December 2017, the investment portfolio had a value of £737.3m and a net initial yield of 6.5%. The weighted average unexpired lease term to first break was 3.5 years.
The Company’s shares were admitted to the Official List of the UK’s Financial Conduct Authority and to trading on the London Stock Exchange on 6 November 2015. For more information, please visit the Group’s website at www.regionalreit.com