Mission Street and BentallGreenOak’s UK life science real estate investment venture has acquired a 23-acre site in Cambridge city centre to deliver a new innovation campus.

The investment venture created in January last year has paid an undisclosed sum for the site on Coldham’s Lane.

The companies said the deal is the fifth and largest acquisition by the joint venture that now has a development pipeline of over 1m sqft of lab and office space in key strategic UK locations.

The joint venture’s initial schemes in Oxford and Cambridge are due for completion in mid-2023.

Artem Korolev, founder and CEO of Mission Street, said: “This new acquisition provides the potential to deliver the most centrally located science and innovation district in Cambridge.

“The site will provide the opportunity to deliver our vision for the next generation of commercial science real estate in the UK – integrating the scheme into Cambridge’s urban fabric, with collaboration and sustainability at its heart.”

Toby Phelps, managing partner at BentallGreenOak, said: “We continue to have conviction that the science and innovation sector in the UK will be a source of growth and opportunity for strategic, purpose-driven real estate investment.

“Cambridge is at the epicentre of this dynamic industry and the current severe shortage of specialist space highlights the opportunity we see in the sector. We are looking forward to working with our partner, Mission Street, and the broader Cambridge business and governmental community to bring this exciting project to fruition.”

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