Beacon Capital Partners has acquired a 150-acre property in the US state of Pennsylvania from Gwynedd Mercy University.

Gwynedd Mercy University said it has sold the property that sits adjacent to the university’s main campus on Sumneytown Pike to an affiliate of Beacon Capital for $31.5m (€27.2m).

The university said it decided to sell the property following a review of its space needs as part of a recently completed University facilities master planning process, and significant interest from potential buyers. Part of the sale proceeds will be used to support the university’s strategic investments.

Steve Purpura, president of life sciences at Beacon Capital Partners, said: “This acquisition demonstrates our commitment to supporting suburban Philadelphia as a hub for life science research as it drives life-changing innovation.

“We’re looking forward to working with the township in a thoughtful way to create a development plan that includes public spaces and life science training for the community.”

Gwynedd Mercy University president Deanne H D’Emilio, said: “We remain focused on transforming our existing campus by adding more state-of-the-art facilities and technologies that support innovative teaching and learning initiatives designed to enhance existing programs and support new market-responsive programs.

”We are pleased we were able to come to an agreement with Beacon, which will use the property to support advancements in life sciences fields, an area that aligns with our focus on professional and healthcare innovation.”

To read the latest edition of the latest IPE Real Assets magazine click here.