Brookfield Asset Management has agreed a £714m deal to acquire science and tech platform Arlington from TPG Real Estate Partners.
The platform comprises 36 assets concentrated within the UK’s Golden Triangle, between Oxford, Cambridge and London. It includes an existing portfolio of 1.6m sq ft and 1m sq ft of near-term development potential.
The acquisition follows Brookfield’s investment into the Harwell Science and Technology Campus last year.
Brad Hyler, managing partner and head of European real estate at Brookfield, said: “Arlington represents a compelling opportunity to expand our presence in the growing European science, innovation and technology real estate sector.
“We look forward to supporting Arlington by leveraging our global expertise in managing and developing real estate focused on these dynamic industries and delivering high-quality experiences for our tenants and partners.”
TREP acquired Arlington in 2017, pursuing opportunity in the wake of the Brexit vote. It invested into the platform with strategic add-on acquisitions and non-core disposals.
James Raven, chief executive at Arlington, said: “Over the last four years, we have worked closely with TREP to invest in our assets to provide high-quality amenities and actively position the portfolio to attract tenants in fast-growing sectors such as innovation, technology, and life sciences.”
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