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The US REIT Biomed to buy Granta Park Cambridge for £126.8m

wantspacegotspace.co.uk - The US REIT Biomed to buy Granta Park Cambridge for £126.8mThe US REIT Biomed has agreed to buy Granta Park, a leading science park in Cambridge for £126.8m

The Wall Street-quoted company has entered into an agreement for the complex which comprises 11 lab and office buildings, 472,200 sq ft of space and 138,400 sq ft of development and expansion rights.

Granta Park is fully leased to a diversified portfolio of 11 tenants, including global pharma and biotech organisations, with an average remaining lease term of more than eight years.

With this new investment, the company will expand current tenant relationships with MedImmune (and parent company AstraZeneca), which will become the company's 11th largest tenant, and Pfizer.

Granta is also home to Gilead Sciences, Pharmaceutical Product Development, UCB, and Vernalis. BioMed estimates an annual rental return of £10.2m, representing an initial yield of 8 per cent.

The global reputation of the Cambridge technology cluster has been key to the deal. BioMed said in a statement: “The Cambridge UK research community is anchored by the University of Cambridge, established in 1209, with 20 per cent of the world's Nobel Prize recipients in medicine and chemistry and the recipient of over 280 million pounds in research grants in 2011.

“This Cambridge science cluster supports over 1,000 science and technology companies, the Wellcome Trust, the largest medical research charitable organisation in the world, Cavendish Laboratory, and the Babraham Institute.”

BioMed’s chairman and chief executive, Alan D. Gold, said: “The Cambridge market enjoys all of the critical elements that mark a strong, self-sustaining life science cluster: proximity to premier academic and research institutions, a highly skilled work force, access to financial partners, and a healthy portfolio of strong commercial life science organisations.”

Kent Griffin, president of BioMed Realty, added: “Granta Park is an excellent investment opportunity with very attractive return potential consistent with our core business strategy – focused on highest-quality real estate in core life science clusters and in close proximity to primary demand drivers, including leading research institutions.

“This recently developed, amenity-rich, eleven-building campus has attracted world-renowned life science research organizations and includes additional development potential, enabling us to support their continued growth and expansion going forward.”

Posted by The Editor (wantspacegotspace) on 13th November 2012

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