UBS AM and Reef launch €2.9b UK life science real estate strategy

UBS AM’s Real Estate & Private Markets and UK developer Reef Group have launched a UK life sciences property strategy, securing £400 mln (€460 mln) in commitments from first close investors.

Four locations have already been acquired within the so-called ‘Golden Triangle’ of London, Oxford and Cambridge, with a gross development value of over £2.5 bn (€2.9 bn).

This includes a JV with GSK to build out a Stevenage global innovation campus, a 46,451 m2 advanced manufacturing cluster focused on GMP in Stevenage's town center, a pre-let Greater London GMP development opportunity, and a lab-led opportunity in Oxford city center.

Jon Hollick, head of real estate EMEA ex DACH, UBS Asset Management, said: ‘We are delighted with the assets secured and believe this market offers strong risk-adjusted returns, as well as compelling ESG attributes. We are utilizing the wider UBS healthcare capabilities and working closely with Reef Group to differentiate ourselves in a complex and fast-moving market.’

Piers Slater, joint chief executive, Reef Group added: ‘The Reef team are delighted to be partnering with UBS to deliver a range of life science schemes across the UK through a dedicated strategy. Together we are working to create key R&D and manufacturing hubs across the UK for knowledge tenants with the aspiration of creating a world class A1M corridor. Our schemes are designed to facilitate a worldwide audience, but also to assist local investment and skills.’

The strategy will focus on a build-to-core approach, good manufacturing practice (GMP) facilities and a strong social and environmental focus.

The sites will create significant local skilled employment, providing fit-for-purpose, impactful buildings to companies focused on R&D and healthcare innovations.

UBS Asset Management will collaborate with stakeholders to actively pursue net zero carbon emissions during the construction and operation of the properties.

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