New York-listed BioMed Realty Trust is acquiring Granta science park in the UK university city of Cambridge for £127 mln (EUR 158 mln). The vendor is UK business park and office developer MEPC.
New York-listed BioMed Realty Trust is acquiring Granta science park in the UK university city of Cambridge for £127 mln (EUR 158 mln). The vendor is UK business park and office developer MEPC.
Granta Park is the first international investment for BioMed, a real estate investment trust (REIT) that invests in life sciences real estate in the US. The company anticipates incurring additional transaction costs of EUR 9.6 mln, including transfer taxes, brokerage commissions and legal, tax and advisory fees.
The REIT estimates the annual cash net operating income for the Granta Park investment at EUR 12.6 mln.
Granta Park comprises 11 laboratory and office buildings and a total of 43,860 m2 of space, plus a further 12,860 m2 of development and expansion rights.
The property is fully leased to 11 tenants, including global pharmaceutical and biotechnology firms, with an average remaining lease term of more than eight years.
Latham & Watkins and Ernst & Young provided legal and tax advisory services to BioMed.
MEPC was advised by Jones Lang LaSalle on the investment sale, while Berwin Leighton Paisner and BrookStreet des Roches advised on the legal side.
