Norges Bank Investment Management (NBIM) has signed an agreement to acquire a 48.75% interest in Capital Park in Cambridge, a life sciences asset.
NBIM is acquiring the stake from Canada’s PSP Investments, which will retain a 48.75% interest.
Longfellow Real Estate Partners, the largest private life sciences real estate firm in the US, has a small 2.5% interest and will perform on-going asset management work.
The parties said the deal was signed on Tuesday. Completion is expected sometime in November.
NBIM is paying £90.2 mln (€103.4 mln) for its ownership position, valuing the property at £185 mln. It is unencumbered by debt, so the deal is all-cash.
In June this year, Longfellow announced it had teamed with PSP Investments to acquire Capital Park for their first UK life science and innovation investment together.
Capital Park is a 42-acre campus of approximately 250,000 ft2 of innovation-focused workspace that is home to a dozen companies from sectors including tech, agtech and biotech, through to patent law and the NHS / Department of Health.
The campus sits on Cambridge Road in close proximity to Cambridge Station, Cambridge Biomedical Campus, Arm’s HQ at Peterhouse Technology Park and the Cambridge International Technology Park development.
