Tristan Capital Partners, on behalf of the TIPS One Debt Fund and co-investment capital, has arranged a senior £180 mln (€216 mln) loan to fund a portfolio of prime life science assets in Oxford and Cambridge backed by global real estate investment manager, BGO and their joint venture partner Mission Street.
The loan is secured against a portfolio of three properties in Oxford and Cambridge housing approximately 300,000 ft2 of best-in-class Grade A specification institutional lab and office space for life science occupiers.
The loan will fund the continued lease-up of two newly developed, standing assets and the development and fit-out works associated with a new purpose-built scheme – the first commercial science building in the UK to target a BREEAM Outstanding accreditation.
The Oxford assets are the first life science buildings to be delivered in Oxford’s West End and form part of BGO and Mission Street’s 1.5m ft2 life sciences development pipeline in key locations across the UK, including the ‘Golden Triangle’ of Oxford, Cambridge and London.
Dan Pottorff, head of Debt Investment at Tristan Capital Partners, said: 'We are pleased to be working with BGO and Mission Street in the delivery of the highest quality life science assets in supply constrained submarkets in the Golden Triangle. This financing is a continuation of our strategy of lending to sponsors with proven track-records of value creation and sector expertise. The transaction demonstrates our ability to write complex, large ticket loans utilising diverse sources of capital.'
The loan to BGO is Tristan’s largest to date and brings the annual total of debt investments deployed in the UK and Europe to €470 mln.
Gareth Purcell, managing partner at BGO, added: 'We’re delighted to have closed this financing with the Tristan team. Seeing material leasing momentum in our recently completed schemes in Oxford and Cambridge, we will be starting on site early in the new year with the development of Fabrica, our 135,000 fts new-build development in Oxford’s West End.'
Tristan Capital Partners was advised by BCLP and BGO by Taylor Wessing. JLL acted as financing adviser to BGO.
