UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) has agreed to provide £66 mln (€77 mln) in forward funding for a pharmaceutical facility in Stevenage, UK, working with development partner Reef Estates.
The development, which will target a BREEAM Excellent rating, has been pre-let to Autolus Therapeutics on a 20-year lease. NASDAQ-listed biopharmaceutical firm Autolus focuses on developing CAR T-cell therapies for cancer treatment.
Reef Estates will develop the site with Merit Health as the underlying contractor. Stevenage Borough Council is the vendor.
Jon Hollick, head of real estate EMEA at UBS-AM REPM commented: 'The life sciences sector is a key strategic area for our business – so we’re excited to partner with Reef on this facility that will become a globally-recognised hub of scientific innovation.
'Stevenage offers all the necessary structural drivers to support a thriving life sciences eco-system, including a supportive local authority, access to road and air transport, and a critical mass of existing biopharma companies.'
Carbon emissions from the build will be minimal, due in part to 75% off-site construction, while operational carbon emissions will be significantly reduced thanks to design features including heat source pumps and heat recovery systems.
Dr Sally Ann Forsyth, CEO Stevenage Bioscience Catalyst, commented: 'At Stevenage Bioscience Catalyst (SBC) we have built a world class cluster of excellence, accelerating the realisation of cutting-edge science to improve the health and quality of people’s lives.
'We are delighted to continue our relationship with Autolus, which has been based at SBC since 2018, as it moves onto its next stage of development, working with Reef to further strengthen the cluster here in Stevenage.'
Savills provided occupational advice. Investec are providing debt financing for the deal.
