U+I sells UK tech campus to Brookfield for €64m

UK regeneration specialist U+I has exchanged on the sale of its holding in Harwell Campus, a major science and technology campus in Oxfordshire, UK, to Brookfield Capital Partners’ Strategic Real Estate Partners III (BSREP III).

The deal involves an initial cash payment of £28 mln, plus deferred payments of £13.74 mln, for a total of £52 mln (€64 mln). The transaction delivers development and trading gains to U+I of approximately £11 mln, the company said in a statement.

U+I has also sold its 100% owned, adjoining Gemini Building to Brookfield for £7.5 mln, marginally above book value.
U+I said that the disposal of Harwell Campus follows an extensive marketing and due diligence process which saw strong interest from a number of international investors, attracted by the potential of this internationally renowned 700-acre science campus, grounded in over £2 bn of scientific infrastructure. The additional sale of the Gemini Building was opportunistic, it added.
Matthew Weiner, CEO of U+I said: ‘Brookfield has a trusted reputation for nurturing and growing assets in the real estate sector. We felt they were the right choice to drive the next stage of growth at this internationally renowned innovation and science campus in the Oxford corridor, giving Harwell the capital commitment it needs to unlock its potential for the future as a hub for pioneering research. With such strong demand for science and research led facilities, it was the right time for U+I to sell its share in the joint venture, which also provides a significant cash injection that further strengthens U+I's balance sheet.’


Latest news

Best read stories