Blackstone’s life science office real estate fund plans to invest £850m (€998m) to double the size of its UK portfolio.
BioMed Realty has bought the 15-acre Cambridge International Technology Park (CITP) site on Fulbourn Road from Abstract, and a 27-acre land plot at Granta Park from The Welding Institute.
BioMed said the two new sites will be used to develop 800,000sqft of additional lab space, doubling BioMed’s current life sciences real estate in Cambridge. BioMed entered the Cambridge, UK market in 2012.
UK prime minister Boris Johnson said: “This investment is hugely welcome news for Cambridge and the UK as a whole. The city was home to some of the country’s greatest scientific discoveries and I’m confident that the support of Blackstone’s BioMed Realty will mean there are many more to come.
“The jobs created by this investment are exactly the kind we want to see more of in the UK – high-skilled and future-facing, reflecting what the UK does best.”
Bill Kane, president of, east coast and UK market at BioMed Realty, said: “State-of-the-art life science facilities are a critical component to the speed at which scientific research is accelerating. BioMed is proud to meet the needs of this truly dynamic industry, helping companies to incubate, scale-up and grow.
”These new developments at CITP and Granta Park will provide much-needed life science space for existing and new companies, further advancing Cambridge as a global home for research while supporting the local economy.”
James Seppala, head of real estate in Europe at Blackstone, said: “Life sciences remains one of Blackstone’s highest conviction investment themes.
”Together with BioMed Realty, we are committed to growing this area of investment for the long term and providing the high-quality space that is needed to bring life-saving products and therapies to market and ensure the UK’s future success as a global leader in vaccine and drug development.”
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