48 property
Magdalen College acquires 100% of The Oxford Science Park
Magdalen College has completed the acquisition of the 50% stake in The Oxford Science Park joint venture held by M&G Real Estate, to take 100% control of the management and future development of the Park. The consideration was £18.1 million in cash.
The Oxford Science Park was established in 1991 as a 50/50 joint venture to deliver high- quality commercial offices and laboratories for science and technology-based companies. In the subsequent years, the joint venture has developed over 450,000 sq ft of net lettable space and the Park is now home to more than 2,400 people and over 60 businesses, ranging from startups based in the Magdalen Centre innovation hub to major international companies.
Magdalen College will continue to develop The Oxford Science Park as a long-term property investment, with ambitious plans to create an additional 300,000 sq ft of office and laboratory space on the remaining 12.8 acres of land during the next 10 years. This additional capacity will support the growth of businesses already based on the Park, providing flexibility with their space requirements, and enabling new companies to be part of the Park’s unique environment.
Rory Maw, bursar of Magdalen College, said: “The acquisition represents the start of an exciting new phase in The Oxford Science Park’s development. It is a clear statement of the College’s intent to support the growth of Oxford’s thriving community of science and technology businesses and, by taking 100% ownership, we will have the flexibility to explore new ways of working together.
“The Park is the natural location for new spin- outs from Oxford’s world-leading research facilities, as well as established businesses
Haslams assists James Cowper Kreston to expand in Reading
Accountants James Cowper Kreston has acquired new offices in Reading, taking 6,000 sq ft of space at Reading Bridge House which has recently undergone extensive refurbishment.
Reading Bridge benefits from being stepping distance from the brand new £897 million redeveloped Reading Station.
The award-winning accountancy practice has 200 staff in offices based in Reading, Newbury, Henley-on-Thames, Oxford and Southampton. The firm provides advice to a wide range of businesses and private tax clients, ranging from startup ventures to blue-chip plcs and private individuals.
Managing partner Robert Holland said: “James Cowper Kreston is the go-to firm for entrepreneurial businesses and private individuals with complex tax affairs. Our teams in Reading and Southampton are growing following increasing demand for our services and these larger offices will enable our teams to continue to develop.”
www.businessmag.co.uk
looking to grow. We thank M&G Real Estate for all their support and advice over the years.”
The acquisition has been financed by the private placement of £30m loan notes with a long-term institutional investor, with an average term of 25 years at a fixed rate of 3.32%. The balance of the funds is intended to finance the property development programme at The Oxford Science Park. Magdalen College was advised on the financing by JP Morgan.
Details:
www.oxfordsp.com
HIG Capital acquires The Kennet Centre
HIG Capital LLC, a leading global private equity investment firm with €17 billion of equity capital under management, has announced that an affiliate has completed the acquisition of two regional shopping centres in the UK: The Kennet Centre in Newbury and the Kirkgate Centre in Bradford.
The transaction represents HIG Capital's 25th real estate investment in Europe since the start of 2013.
Stephen Holt of Haslams, who advised James Cowper Kreston on the acquisition, acquisition, commented: “After considering the options, the newly-refurbished Reading Bridge House was a very good fit for the requirement and the firm’s corporate image.
“Reading’s road and rail links as well as the pending arrival of Crossrail in 2018 mean that Reading continues to be an attractive option for companies looking to be well located within the Thames Valley.”
Details:
www.haslams.co.uk
HIG continues to add to its sizeable portfolio of real estate assets in Europe, consisting of both equity as well as debt investments, with a particular focus on its target market of value- added small/midcap opportunities.
Riccardo Dallolio, managing director in London, commented: “This follows our acquisition of the Grosvenor Centre in Chester in May of this year and further demonstrates our ability to secure attractive transactions in the UK retail sector which possess solid fundamentals but can benefit from the more active hands-on asset management which we can provide.”
Details:
www.higcapital.com THE BUSINESS MAGAZINE – THAMES VALLEY – FEBRUARY 2016
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