Fidelity International's Fidelity Eurozone Select Real Estate Fund has acquired the Mirai House property at Leiden Bio Science Park in the Netherlands for €54 mln.
The mixed-use R&D asset, which has a total surface area of approximately 15,000 m2, was acquired through a partial sale & leaseback transaction. The building, which was developed in 2012, is occupied by tenants on leases ranging from 10 to 15 years.
Pharmaceuticals company Astellas is leasing back the building’s office wing. The laboratory wing is let to the Leiden University Medical Center (LUMC) and the Netherlands Center for the Clinical advancement of Stem Cell and Gene Therapies (NECSTGEN), who are jointly realising one of the largest regenerative medicine research and production centres in Europe.
Maarten Frouws, investment manager at Fidelity International, said: 'Demographic and technological developments are driving growth of the life science sector. The Leiden Bio Science Park is one of the best developed science parks in Europe.
'This defensive investment in a growth market offers our investors a very stable return and demonstrates the shift in investor demand from mainstream real estate sectors to more thematic investments.'
Fidelity said that from a regional perspective, the Benelux countries, principally the Netherlands and Belgium, are among the most promising areas for the life science sector. This area is also benefitting from the relocation of the European Medicines Agency from London to Amsterdam in the wake of Brexit.
The Fidelity Eurozone Select Real Estate Fund is Fidelity’s flagship real estate fund and is aimed at institutional investors.
Fidelity International was advised by Solid Attorneys, Marble Real Estate, SGS-Search, C2N and Deloitte Real Estate Tax. Astellas was advised by JLL and CMS.