L&G sells trio of Cambridge Science Park sites
L&G has agreed to sell a 110,000 sq ft trio of properties within Cambridge Science Park to a newly-formed joint venture between Canadian investor Cadillac Fairview and UK developer Stanhope.
The three-building campus is currently occupied by Microsoft, Mundipharma and CMR Surgical.
The investment marks Stanhope and Cadillac’s second acquisition of life sciences campuses outside London this year, following a jv with Thomas White Oxford in March to deliver a £700m new global innovation district, Oxford North.
L&G has agreed to sell a 110,000 sq ft trio of properties within Cambridge Science Park to a newly-formed joint venture between Canadian investor Cadillac Fairview and UK developer Stanhope.
The three-building campus is currently occupied by Microsoft, Mundipharma and CMR Surgical.
The investment marks Stanhope and Cadillac’s second acquisition of life sciences campuses outside London this year, following a jv with Thomas White Oxford in March to deliver a £700m new global innovation district, Oxford North.
Stanhope is also working with Cadillac at White City Place, London’s new creative and life sciences hub, home to firms such as Novartis and Autolus, which Cadillac acquired in 2020.
Jenny Hammarlund, head of Europe and managing director at Cadillac, said: “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.”
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Image © Stanhope
