Longfellow Real Estate Partners has teamed up with the Canada’s Public Sector Pension Investment Board and Norges Bank Investment Management to make investments in life science real estate across the UK’s Golden Triangle.
The partnership is expected to complete in November and is targeting a £1.5bn venture focused on Cambridge, Oxford and London.
As part of the agreement, Norges Bank will join PSP and Longfellow in the ownership of Capital Park, which was acquired in May for £170m.
The plans to set up a new fund that could bring in up to $2bn of investment were first mooted in late 2021, when Longfellow announced its entry into the UK market.
Adam Sichol, co-founder and chief executive of Longfellow, said: “Together we see the opportunity to create thoughtful, world-class space to support a range of occupiers across the UK’s life science and innovation ecosystems.”
Stéphane Jalbert, managing director and head of Asia-Pacific and Europe at PSP Real Estate Investments, added: “This venture will allow us to invest at scale in the fast-evolving life science sector, helping creating ecosystems where corporates, universities and start-ups are forming clusters that enable knowledge sharing and innovation.”
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