Oxford Properties Buys 310 Cambridge Science Park in the UK
Posted on 05/28/2021
Oxford Properties Group extended its global life sciences platform with the acquisition of 310 Cambridge Science Park, United Kingdom, its first investment in the sector in Europe. Since its first investment in the sector in 2017, building a substantial and dedicated life sciences business has been one of Oxford’s highest conviction investment strategies. This £45 million off-market transaction from the Local Authorities’ Property Fund represents the seventh life sciences asset Oxford has acquired since the start of 2021 that, when accounting for new development opportunities at these properties, accounts for over US$ 1.3 billion in deployed capital. Oxford’s initial European focus will be on opportunities within the U.K., with eventual expansion into other core territories across Europe.
Oxford Properties Group is the real estate unit of the Ontario Municipal Employees Retirement System (OMERS)
The transaction comes as part of an acceleration of Oxford’s established life sciences strategy. Oxford currently has a US$1.1 billion life sciences portfolio in North America, representing over 1 million square feet of high-quality, existing properties, in addition to a development pipeline in excess of 2 million square feet Oxford intends to deploy approximately £1.2 billion in European life sciences over the next five years, as part of its goal to build an US$ 10-15 billion global life sciences business over time.
In line with its broader investment strategy, Oxford can access life sciences focused real estate through multiple entry points including direct property acquisitions and developments, investments in platforms and via debt, having previously lent to private equity investors including mezzanine financing for the US$ 8 billion privatization of a life sciences real estate firm.
310 Cambridge Science Park
310 Cambridge Science Park provides approximately 59,000 square feet of fully fitted laboratory space and ancillary office accommodation, with around half fitted out as high specification wet labs. The asset is fully let to Astra Zeneca until November 2023, who are then relocating to a new headquarters. Founded in 1970, Cambridge Science Park is a 152-acre campus located at the northern edge of the City of Cambridge and provides approximately 1.9 million square feet of office, lab and R&D space to 130 occupiers spanning life sciences, pharmaceuticals, technology and engineering. The property is currently 100% let.
Recent Oxford life sciences deals include last month’s US$ 173 million acquisition of Foundry31 in the San Francisco Bay Area and the US$ 119 million acquisition of Boren Lofts in Seattle.
Oxford Properties was advised by Creative Places and CCLA was advised by Cluttons.