Mission Street and its joint venture partner BGO have agreed a £180m loan to finance a portfolio of life sciences facilities in Oxford and Cambridge.
Tristan Capital Partners, on behalf of its TIPS One Debt Fund and co-investment capital, has provided a loan against three schemes in the cities, housing 300,000 sq ft of lab and office space for life sciences occupiers.
The loan is expected to support the continued lease-up of Inventa on Botley Road in Oxford and the Urban Innovation Campus in Cambridge. It is also set to cover the development and fit-out works associated with the Press in Cambridge.
Gareth Purcell, managing partner at BGO, added: “Seeing leasing momentum in our recently completed schemes in Oxford and Cambridge, we will be starting on site early in the new year with the development of Fabrica, our 135,000 sq ft new-build development in Oxford’s West End.”
Dan Pottorff, head of debt investment at Tristan Capital Partners, said: “We are working with BGO and Mission Street in the delivery of life sciences assets in supply-constrained submarkets in the Golden Triangle.
“The loan to BGO is Tristan’s largest to date and brings the annual total of debt investments deployed in the UK and Europe to €470m (£391m).”
Tristan Capital Partners was advised by BCLP, and BGO by Taylor Wessing. JLL acted as financing adviser to BGO.
Photo © Mission Street
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