Kadans Science Partner, the AXA IM Alts-backed life sciences real estate specialist, is in advanced talks to take on American group IQHQ's debut project in the UK, a proposed £200 million labs and offices development in Cambridge.
IQHQ, a major investor and developer in life sciences real estate in the US, secured an option for its debut acquisition in the UK at the end of 2021, agreeing a figure understood to be around £20 million an acre for 127-129 Cambridge Science Park, in evidence of the strength of competition for such opportunities at the time.
Trinity College is the freehold owner of the site at the Cambridge Science Park.
IQHQ's plans had been to maximise the site’s development capacity. Its website shows an initial 135,000-square-foot building is proposed but the project has been slow to get off the ground. Marketing particulars were sent to prospective development partners to replace IQHQ, which ultimately suggest more than 600,000 square feet of development.
Kadans Science Partner is a European investor in the development of ecosystems and real estate with a focus on knowledge sectors. Its portfolio now comprises over 60 buildings and a number of projects under development in the Netherlands, the UK, Belgium, France, Germany and Spain.
In January last year it gained consent from Cambridge City Council for the development of a purpose-built laboratory and office building at Merlin Place, Cambridge, a gateway building for the Cambridge North Cluster.
Alongside Canary Wharf Group it is progressing plans to develop the tallest purpose-built commercial laboratory building in the world. One North Quay is set to be an 823,000-square-foot commercial vertical health and life sciences campus, on the 3.3-hectare North Quay site, which is expected to be complete in 2027.
Kadans declined to comment. IQHQ did not respond to a request for comment.