Brookfield Capital Partners has exchanged contracts to acquire a 50% stake in a science and technology campus and assets in Oxfordshire from U+I and Harwell Oxford Partners for £44m.
It paid initial cash of £28m, with deferred payments of £13.4m for U+I’s share in the Harwell Science and Innovation Campus, on behalf of Brookfield Strategic Real Estate Partners III.
The investor will work with joint venture partner, HM Government, to accelerate expansion of the campus which has a 5m sq ft development masterplan, comprising flexible hybrid offices, laboratories and advanced manufacturing facilities.
The 700-acre science campus in the Oxford corridor is home to a number of health, science and space institutions, including Public Health England and the Medical Research Council.
Zachary Vaughan, head of Europe at Brookfield Asset Management’s Real Estate Group, said: “This acquisition marks an important addition to our portfolio and represents a positive
first step into the science and innovation real estate space in Europe.”
U+I said the sale followed an extensive marketing and due diligence process. It reported strong interest from a number of international investors and noted the current heightened demand for science and research-led facilities during the coronavirus pandemic.
In a second opportunistic transaction, Brookfield picked up the adjoining Gemini Building for £7.5m, marginally above book value.
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