Blackstone’s BioMed Realty To Double UK Life Sciences Portfolio
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BioMed Realty, a Blackstone portfolio company has plans to invest £850 million to effectively double its UK portfolio, it has been announced.
Business Wire reports that BioMed Realty has purchased the 15-acre Cambridge International Technology Park (CITP) site from Abstract Securities, as well as a 27-acre plot at Granta Park from The Welding Institute.
The company has said that the two sites will be used to develop 800,000 sq ft of new laboratory space, which will double its current life sciences real estate in Cambridge.
Prime Minister Boris Johnson said: “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.”
He said that the jobs created by the investment are just what the UK want to see more of – high-skilled and future-facing, and reflecting on what the UK does best.
Bill Kane, the president of the east coast and UK market at BioMed Realty, said that state-of-the-art life science facilities are a crucial component to the speed at which life science research is accelerating.
“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, the head of real estate in Europe at Blackstone, a global investment company, said that life sciences are one of the company’s highest conviction investment themes, and together with BioMed, the firm is committed to growing this area of investment in the long term by providing the high-quality space needed to bring life-saving products to market.
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