By Richard Hook2018-06-13T08:08:00
Patrizia’s Rockspring has completed the off-market disposal of Cambridge Research Park to Royal London Asset Management, on behalf of The Royal London Mutual Insurance Society, for £78m.
Formerly part of Rockspring’s UK Value 2 fund, the 112 acre site within the Cambridge ‘science corridor’ will increase Royal London’s exposure to the fast-growing town, where it already owns Vision Park.
Rockspring originally acquired the site in 2014 in partnership with asset manager XLB Property for £21m. Since then, Rockspring and XLB have undertaken a significant construction and asset management programme across the site, including the development of an additional 80,000 sq ft of office/laboratory space across three buildings, together with 76,000 sq ft of industrial space across a nine unit scheme called Enterprise 5000, which completed in May 2018. Two of the industrial units are already under offer which now offers close to 240,000 sq ft of net lettable space.
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