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People have been talking about the emergence of the UK life sciences real estate sector for a few years now. But a spate of transactions shows life sciences property is moving toward becoming a genuine asset class, rather than just a few isolated development schemes scattered across the country.
Last month Harrison Street completed a deal to buy a portfolio of five science-led parks across the UK from private equity firm Angelo Gordon. It paid £185M for the portfolio, and teamed up with specialist operator Trinity Investment Management, which will manage the portfolio. The portfolio totals 1.5M SF and comprises sites in Kent, Colworth, Manchester, Newcastle and Edinburgh, with tenants including GW Pharmaceuticals and Unilever.
Hot on the heels of that deal are two major sales that will test appetite among investors for life sciences real estate.
One is the sale of a 50% stake in the Harwell Science and Innovation Campus in Oxford. The campus is a 700-acre site that houses 500K SF of real estate focusing on science and innovation.There is the opportunity to add another 845K SF of office and industrial space focusing on the…
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