Capital Park Cambridge sold for £170m

Longfellow Real Estate Partners and Canada’s Public Sector Pension Investment Board have bought the 42-acre Capital Park life sciences and innovation campus in Cambridge from Oval Real Estate. The joint venture paid Oval around £170m, according to people familiar with the deal. The site offers 250,000 sq ft of workspace and occupants range from tech and biotech firms, through to patent law and the NHS. The jv said it intends to acquire additional assets in the UK with an initial focus on the Golden Triangle. The deal comes after Longfellow announced its entry to the UK market late last year, with a potential to set up a new fund that could bring in up to $2bn (£1.6bn) of investment. Adam Sichol, Longfellow co-founder and chief executive, said: “Science and innovation real estate is operationally intensive, and Longfellow has a successful track record developing and operating these critical facilities. The combination of sustainable, state-of-the-art lab space with a mix of amenities is an important part of Longfellow’s investment approach in all of our cluster markets, including the Golden Triangle.” Stephane Jalbert, PSP managing director and head of Asia-Pacific and Europe real estate investments, added: “Cambridge is a market that PSP Investments knows well from its current portfolio and, being one of Europe’s top innovation clusters, we look forward to continuing to support the growth of the life sciences industry in the UK, while delivering strong risk-adjusted returns.” DTRE advised Oval on the deal.   To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews Image: Longfellow Explore and compare the market in Cambridge >>