Railpen has bought a life-science business park from AEW UK REIT for £29m (€34.2m).
The UK railways pension scheme said it has acquired Eastpoint Business Park in Oxford and plans to reposition the asset to create a flagship laboratory-led.
Eastpoint Business Park comprises five buildings with a net internal area of 74,823sqft.
The acquisition represents Railpen’s first entry into the Oxford market. Railpen’s property portfolio includes a range of regional and London-based developments. Together with its existing holdings in Cambridge, Railpen has a significant presence in the Oxford-Cambridge Arc.
Alistair Dawson, a senior asset manager at Railpen, said: “We have been actively pursuing investment into the life sciences sector in Oxford, a global geographic leader in scientific research, and were able to move quickly once the right asset became available.
“Eastpoint met all our criteria to deliver enhanced returns to our members through strategic acquisitions; it is in a prominent location in a city that is oversubscribed with demand yet undersupplied with quality stock, and the site has great development potential.
“Combined, these factors mean that under our ownership, it will become even more important to occupiers seeking space in Oxford’s life sciences sector.”
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