Interview with Simon Farnsworth of Ironstone Asset Management

We recently caught up with Simon Farnsworth, Managing Director of Ironstone Asset Management, who are the investment and asset manager of Life Science REIT.

What is the background to the establishment of Life Science REIT?

We had witnessed the growth of the life sciences real estate market in the US and, in particular, the exceptional performance of Alexandria REIT, which invests wholly in life science ecosystems and clusters. With the sector’s higher profile in the UK post-Covid and investor interest growing, we recognised that there was no simple route for investors to access the UK life sciences real estate market.

It was determined that Life Science REIT would be listed on the AIM market of the London Stock Exchange because it allowed the fund to move quickly. Our challenge was to triangulate the sourcing of a seed portfolio, a management team and raising investment capital. With the backing of supportive investors and banks, Life Science REIT launched on AIM on 19th November 2021, with a target raise in excess of at least £150 million. In fact, the fund was oversubscribed and had to cap the raise at £350 million.

Tell me a little about the assets in the portfolio.