Blackstone portfolio company BioMed Realty has acquired Cambridge International Technology Park (CITP), a 15-acre site on Fulbourn Road, from Abstract, and a 27-acre land plot at Granta Park from The Welding Institute (TWI) in Cambridge, UK.
BioMed Realty plans to deliver approximately 800,000 square feet of in-demand Grade A purpose-built lab and office space with an estimated £850 million investment in two new sites.
Blackstone said the investment is expected to create up to 2,700 jobs.
“This investment is hugely welcome news for Cambridge and the UK as a whole. The city was home to some of the country’s greatest scientific discoveries and I’m confident that the support of Blackstone’s BioMed Realty will mean there are many more to come,” Prime Minister Boris Johnson said. “The jobs created by this investment are exactly the kind we want to see more of in the UK – high-skilled and future-facing, reflecting what the UK does best.”
Latest survey data shows all of Cambridge’s available lab space is currently under offer, potentially locking out promising start-ups from the market and slowing the growth of life sciences companies in the UK, according to Blackstone.
”BioMed’s two new sites would meet the growing demand for space among technology, science and knowledge-based companies to create vaccines, develop new treatments and help respond to major global health challenges,” said in the press release.
Bill Kane, President, East Coast & UK Market at BioMed Realty, states “State-of-the-art life science facilities are a critical component to the speed at which scientific research is accelerating. BioMed is proud to meet the needs of this truly dynamic industry, helping companies to incubate, scale up and grow. These new developments at CITP and Granta Park will provide much needed life science space for existing and new companies, further advancing Cambridge as a global home for research while supporting the local economy.”
James Seppala, Head of Real Estate in Europe at Blackstone, said: “Life sciences remains one of Blackstone’s highest conviction investment themes. Together with BioMed Realty, we are committed to growing this area of investment for the long-term and providing the high-quality space that is needed to bring life-saving products and therapies to market and ensure the UK’s future success as a global leader in vaccine and drug development.”
BioMed is the largest private owner of life sciences space in Cambridge, UK, supporting 22 life science companies at all stages. BioMed’s Babraham Research Campus and Granta Park currently provide incubator, scale up, and headquarter space totalling 870,000 square feet.
Granta Park is BioMed’s flagship life sciences complex in Cambridge. The development, which is part-owned by TWI and hosts some of the company’s own tenants, is already home to 30 of the world’s largest life sciences companies and research organisations − including AstraZeneca, Pfizer, Illumina and Cancer Research UK − creating a formidable cluster of collaboration and innovation that employs more than 3,700 people.
The locations are anchored by world-leading academic and research institutions, such as nearby Cambridge University, deep talent pools and capital providers. The locations benefit from good road and rail links, helping partner tenants attract and retain talent.
BioMed is owned by Blackstone Property Partners Life Sciences, Blackstone Real Estate’s long-term, perpetual capital, core + return life sciences strategy.