Norges Bank Investment Management has signed an agreement to acquire a 48.75 percent interest in a property which will be developed into a life sciences property, located at Capital Park in Cambridge. The investment will be made in joint venture with the Public Sector Pension Investment Board “PSP Investments” and Longfellow Real Estate Partners “Longfellow”.
The agreement was signed on 18 October 2022, with completion expected in November 2022.
Norges Bank Investment Management will pay £90.2 million for its 48.75 percent ownership interest, valuing the property at £185 million. The asset is unencumbered by debt, and no financing will be involved in the transaction.
The seller of the interest is PSP Investments.
PSP Investments will retain a 48.75 percent interest in the property, and Longfellow will own the remaining 2.5 percent interest. Longfellow will perform the asset management on the property on behalf of the joint venture.
The property currently comprises 242,000 square feet of office and ancillary space in a 42 acre campus.
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