Tissue Regenix Group PLC (AIM:TRX) has purchased its leased building in Universal City, Texas.
The regenerative medical devices company secured the property below market value and says the mortgage payments match current lease costs.
Indeed, when future rent rises are taken into account, the decision should yield future savings.
The acquisition supports Phase 2 of the company’s expansion, beginning in late 2024 and finishing in 2025. This will enhance operational capacity, including new cleanrooms and office space. The expansion aligns with the company's growth strategy and is funded by its existing business plan.
Daniel Lee called the purchase a "logical part" of the company's expansion plans: "This acquisition makes strong financial and commercial sense for the group, particularly as we expect to realise cost savings over the long term compared to a continued lease of the facility, and it supports our expansion plans."
The exact price paid for the property was not revealed.