Life Science REIT's acquisition of Oxford Technology Park in Kidlington for £183 million was the final deployment of the capital raised from its initial public offering in November 2021. But that was not the reason it picked up the CoStar Impact Award for the South East's best sale/acquisition.
The judges picked the transaction because they believe it builds on a development that is bringing to Oxford something that it lacks – "dedicated commercial volume, production, lab and R&D space specifically aimed at the life science and high-tech market".
The purchase in the red-hot life sciences sector included £33.8 million of debt held against the park and £62.7 million of forward funding to complete its build-out.
About the project: Oxford Technology Park is a new 400,000 square foot development providing office, research and development and industrial and warehouse space, set on a campus spanning 21.5 acres.
The purchase by Life Science REIT demonstrates confidence that the life science sector will play a more important role in the economy of the region in the coming years.
What the judges said: The judges comprised: Hannah McNamara, co-founder, P-Three, Charlie Allen, head of UK real estate, Fiera Real Estate, Jonathan Mannings, founder and MD, Rare Real Estate (RARE), Keith Dowley, founding partner, DTRE, Gianluca Marcato, head of department, real estate and planning, University of Reading.
DTRE's founding partner Keith Dowley said it was a "truly ground breaking transaction that will make a much needed contribution to the life sciences sector in Oxford which is vastly under-supplied by comparison with Cambridge".
RARE's founder and managing director Jonathan Mannings said: "The scheme delivered accommodation designed to provide space for a significantly undersupplied sector of the Oxford market for which there had been a demonstrable increase in demand from the life sciences sector cluster that has chosen Oxford as one of its two most prefered locations."
P-Three's co-founder Hannah McNamara added: "This purchase will prove to be a large catalyst within the life sciences sector within Oxford. It showed confidence of purchaser within a non-traditional investment sector. The purchase showed innovation as it included debt and forward funding to complete the sites build out. The continued focus on the site as an innovation campus will positively impact the surrounding area and employment opportunities within the life sciences sector."
They made it happen: Simon Farnworth, managing director, Life Science REIT, Angus Bates, Oxtec Developments, Alicia Bates, Oxtec Developments.