Canadian investor Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan, and leading UK developer and asset manager Stanhope PLC have agreed a joint venture partnership to purchase a 110,000 sq ft trio of properties within Cambridge Science Park, cementing their long-term commitment to the UK life sciences market.
Previously owned by L&G, the three-building campus at 194-198 Cambridge Science Park is set across 6.11 acres and is located in the ‘Cambridge Northern Cluster’. It is one of Europe’s most highly sought-after life science and technology campuses thanks to its unrivalled transport links, access to top talent from Cambridge University and thriving business ecosystem, with businesses ranging from spin-outs to multinationals. Working closely with the three existing tenants, Microsoft, Mundipharma (Napp Pharmaceutical) and CMR Surgical, the site also provides significant longer-term development opportunities.
The investment between Stanhope and Cadillac Fairview marks their second joint venture in prime life sciences campuses outside London this year, following a JV with Thomas White Oxford in March 2022 to deliver a £700m new global innovation district, Oxford North. Stanhope is also working with Cadillac Fairview at White City Place, London’s new creative and life sciences hub home to giants such as Novartis and Autolus, which Cadillac Fairview acquired in 2020.
David Camp, Chief Executive of Stanhope said:
“This acquisition is a further step in our strategy to build a premier life science portfolio. Existing assets include Oxford North and White City Place which are also in partnership with Cadillac. We are particularly pleased to be buying into one of Europe’s first and most important Science Parks.”
Jenny Hammarlund, Head of Europe and Managing Director at Cadillac Fairview said:
“Cadillac Fairview is thrilled to enter Cambridge with our partner, Stanhope. This acquisition is timely given our desire to continue to grow our life sciences portfolio and to find opportunities that allow for future development despite scarcity in the local market. It also complements our existing life sciences portfolio in Oxford, through Oxford North, and in London, through White City Place, so that we can develop innovation clusters and accommodate tenant requirements across the UK.”