M&G Real Estate has sold its 50% stake in Oxford Science Park to Magdalen College for £18.1m.
The college now fully owns the 450,000 sq ft park. The college is now aiming to build out a further 300,000 sq ft of office and lab space on the 12.8 acres of undeveloped land.
The deal was funded using a private placement of £30m of loan notes with a long-term institutional investor, with an average term of 25 years at a fixed rate of 3.3%. JP Morgan advised on the financing.
Rory Maw, bursar of Magdalen College, said: “The park is the natural location for new spin-outs from Oxford’s world-leading research facilities, as well as established businesses looking to grow.”
