Barings has provided Hermes and Canada Pension Plan Investment Board with a £200m loan to refinance Milton Park in Oxfordshire.
It is Barings’ largest single facility in Europe to date.
The seven-year loan against the science and business park, which is managed and developed by MEPC, has a fixed rate.
CPPIB bought a 50% stake in the 250-acre park for £200m last year. Based on that deal the new loan reflects a 50% loan-to-value, although three additional buildings have been added at Park Drive East, including one prelet to Oxford Immunotec Global.
Chris Taylor, head of private markets at Hermes, said: “The new Barings senior loan will enable MEPC to continue to efficiently manage and grow Milton Park on behalf of the partnership and the partners.”
Chris Bates, head of core mortgage Europe at Barings, added: “Milton Park is an established hub for a growing community of businesses at the cutting edge of their field, and Hermes Investment Management and CPPIB’s plans for the park will only enhance the offering and real estate value.”
Eastdil Secured advised Hermes and CPPIB.
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