UBS Asset Management’s Real Estate & Private Markets (REPM) arm has partnered with Reef Group to launch a £2.5bn (€2.8bn) UK life science real estate development strategy.

The build-to-core strategy has raised an initial £400m from investors and secured four sites within the UK’s ‘Golden Triangle’ of London, Oxford and Cambridge, with an expected gross development value in excess of £2.5bn.

UBS AM REPM said the secured sites include a joint venture with GSK in Stevenage to develop out a global innovation campus; a 500,000sqft advanced manufacturing cluster in Stevenage’s town centre; a pre-let development opportunity in Greater London; and a lab-led opportunity in Oxford city centre.

Jon Hollick, the head of real estate EMEA ex DACH at UBS Asset Management, said: “We are delighted with the assets secured and believe this market offers strong risk-adjusted returns, as well as compelling ESG attributes.

“We are utilising the wider UBS healthcare capabilities and working closely with Reef Group to differentiate ourselves in a complex and fast-moving market.”

Piers Slater, joint chief executive a Reef Group said: “The Reef team are delighted to be partnering with UBS to deliver a range of life science schemes across the UK through a dedicated strategy.

“Together we are working to create key R&D and manufacturing hubs across the UK for knowledge tenants with the aspiration of creating a world class A1M corridor. Our schemes are designed to facilitate a worldwide audience, but also to assist local investment and skills.”

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