Schroders, via its UK real estate fund, is forward funding a £45m (€49m) office building in Cambridge.

The Schroder UK Real Estate Fund (SREF) has agreed to fund the One Cambridge Square office building situated within the mixed-use 40-acre urban quarter of Cambridge North.

SREF will be delivering the 99,743sqft speculative office development with development partner Brookgate.

Construction is due to start before the end of the year, with practical completion anticipated in late 2022.

Jessica Berney, fund manager of Schroder UK Real Estate Fund, said: “The purchase marks SREF’s first investment into the city and is a rare opportunity to acquire a freehold interest.

“We are delighted to be funding the first office building for one of the most exciting regenerations in the UK. Cambridge’s position at the forefront of innovation and education is aligned with SREF’s approach to invest in high growth ‘winning cities’ that are benefitting from technological and structural change.”

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