Life sciences real estate developer Breakthrough Properties has secured a £104m (€122m) loan from BGO for the construction of a building in the East of England.
Breakthrough Properties, formed in 2019 by Tishman Speyer and Bellco Capital, said the 175,000sqft Vitrum by Breakthrough building, located inside the 21-acre St John’s Innovation Park in Cambridge, is expected to open in 2026.
Vitrum By Breakthrough will be its third European project to break ground over the past year. Its other ongoing European projects include a new life-science building on the campus of the Amsterdam University Medical Center, and Trinity by Breakthrough, a 210,000sqft R&D building in Oxford, UK.
Tom Renn, Breakthrough Properties’ senior vice-president (SVP) for acquisitions and development, said: “With Vitrum by Breakthrough, we are creating a cutting-edge environment for biotechnology companies that rely on modern, flexible lab spaces to advance life-changing scientific discovery.
“We are grateful to the team at BGO for embracing our vision and meeting the moment of intense demand for premier sites in the severely supply-constrained Cambridge market.”
Martin Sheridan, managing director at BGO, said: “BGO is thrilled to be supporting Breakthrough Properties on the development of this market-leading project backed by their established track record of developing, owning and operating life-science facilities globally.
“This deal represents our first UK life-science financing, and we expect to participate in more opportunities this year, with our confidence in the sector remaining high.”
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