Palmer Capital and Wrenbridge have bought Colworth Park in Bedford from Goodman and Unilever.
Colworth Park is one of Unilever’s major global research and development sites.
Unilever has occupied Colworth Park since 1947 and currently employs circa 600 people on site. The asset
comprises 91 acres of land with 350,000 sq ft of offices and warehouses.
Palmer Capital has funded the transaction from discretionary funds under management and will build on the back of its recent success in developing Discovery Park in Kent, where it is a partner in the consortium that owns the park.
Alex Price of Palmer Capital said: “Palmer Capital, working with our partner Wrenbridge, is uniquely positioned to acquire Colworth Park principally due to our experience at Discovery Park, where over 1,000 new jobs have been created since acquisition in 2012.
“The business plan for Colworth Park is to work closely with Unilever and other key tenants on site to ensure the Park continues to thrive, attracting new companies and further investment.
“We have a track record in delivering growth and believe this acquisition will further bolster our R&D credentials.”
Ben Coles, chief executive of Wrenbridge, added: “This is a really exciting project for Wrenbridge. It’s one of our biggest acquisitions to date and shows how in recent years we have continued to do bigger, better and more high-profile deals funded by Palmer Capital.”
Clive Gristwood, senior vice president research and development at Unilever, said: “In 2004 we started our journey of creating the Colworth Science Park when we went into a joint venture with Goodman.
“We now are moving to the next stage of this journey and are delighted to have attracted the investment from Palmer Capital and Wrenbridge.
“We look forward to working with them to further build the park, bringing investment and new tenants that will open up opportunities for collaboration with new partners.”
nick.whitten@estatesgazette.com
