Prologis is set to build £450m of new laboratory space in Cambridge after buying out its joint venture partner.
The world’s biggest warehouse landlord, which is based in San Francisco, has bought out Countryside Properties, its London-listed joint venture partner, to take full control of the second phase of expansion at Cambridge Biomedical Campus.
Prologis will build an extra 400,000 sq ft of office and laboratory space. The first project will involve a 100,000 sq ft, five-storey space costing £65m. Construction is scheduled to begin next spring and to finish in the summer of 2023.
In addition to its £450m investment in the life sciences sector, Prologis has committed to building another £1.5bn of warehouse space in Britain over the next three years.
