Magdalen College Oxford, owner of The Oxford Science Park (TOSP), has entered into a strategic partnership with an affiliate of GIC to accelerate the asset's development.
GIC is taking a 40% stake in the park for an undisclosed figure. However, a source close to the deal told the Financial Times that GIC paid around £160 mln (€188 mln), more than 10 times what the asset was worth in 2016.
The establishment of the partnership with Magdalen College Oxford has accelerated a major multi-building development plan at TOSP to accommodate strong demand and future growth requirements of its science and technology tenants.
Several state-of-the-art facilities are planned for TOSP’s 23 acres (9 ha) of development land, with the capacity to add at least a further 500,000 ft2 (46,000 m2).
With construction of the first of these on Plot 16 expected to start before the end of the year, the park is already experiencing strong interest in subsequent buildings. Further details of the development masterplan will be released in due course.
Rory Maw, chief executive of The Oxford Science Park and bursar at Magdalen College Oxford, said: 'We are delighted to welcome GIC as a partner in The Oxford Science Park, and look forward to working together to enhance TOSP’s position as the science park of choice for leading science and technology companies.
'As a long-term investor with a strategic outlook, its objectives are aligned with ours, those of our occupiers and of Magdalen College.
'As well as being an enormous demonstration of confidence in the UK – and Oxford in particular – as a leading location for international life science and technology, this is a transformational investment for The Oxford Science Park.
'It enables us to meet unprecedented demand for high-quality laboratory and office space and to support the ambitious growth of new and existing occupiers from the UK and abroad.’
Magdalen College was advised by Cushman & Wakefield and Bryan Cave Leighton Paisner.
