Canadian investor Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan, and UK developer and asset manager Stanhope have expanded their UK life sciences portfolio by acquiring a further property within Cambridge Science Park.
Previously owned by Norwich City Council, 163 Cambridge Science Park occupies a prominent location on the eastern side of the park and provides 10,197 sq ft of office space. It is currently occupied by speciality lighting company, Heraeus Noblelight Ltd and represents a near-term opportunity to develop prime life sciences lab space at the park.
The acquisition of 163 Cambridge Science Park builds on Stanhope and Cadillac Fairview’s investment in Cambridge following a joint venture in October 2022 for three-building campus at 194-198 Cambridge Science Park.
Established nearly 50 years ago, Cambridge Science Park is a globally renowned centre of excellence within the science and innovation Sector. Over 100 businesses are based in Cambridge Science Park, ranging from spinouts from Cambridge University to multinational companies looking to utilise the University entrepreneurial talent pool.
The Cambridge deals build further on Cadillac Fairview and Stanhope’s drive into prime life sciences campuses outside London, following a JV with Thomas White Oxford in March 2022 to deliver a £700m new global innovation district, Oxford North. Stanhope is also working with Cadillac Fairview at White City Place, London’s new creative and life sciences hub home to giants such as Novartis and Autolus, which Cadillac Fairview acquired in 2020.
David Camp, Chief Executive of Stanhope said: “We are delighted to increase our presence in Cambridge and further cement our partnership with Cadillac Fairview in the life science market. With sites situated across the Golden Triangle in Cambridge, Oxford and London, it is an exciting time for us as we expand on our life science development expertise.”
Jenny Hammarlund, Head of Europe and Managing Director at Cadillac Fairview said: “We are thrilled to be further growing our life science portfolio in this sought after location alongside our partner, Stanhope. Today’s acquisition demonstrates the strong momentum of our partnership and also furthers the strategic expansion of Cadillac Fairview’s European real estate portfolio focused on life sciences, logistics, residential, and office in the UK and Europe.”