Tees business and science park the Wilton Centre has been purchased as part of a joint venture’s £95m UK science parks portfolio acquisition.
US investment manager Angelo Gordon and Trinity Investment Management has closed on the purchase of Mars Pension Fund’s Business Environments for Science and Technology (BEST), a portfolio of five UK science parks including Redcar’s Wilton Centre.
The portfolio, which covers 348 acres across the five sites, is the largest privately-owned network of science and technology parks in the UK.
Kaleigh Haeg, life sciences specialist at Colliers International, said: “Whilst science capabilities in the UK have long been recognised as amongst the best in the world, the science parks that house those institutions and businesses have all too often lacked the necessary strategic thinking to support and deliver the limitless potential offered by advancing life science sectors.
“Our aim is to help Angelo Gordon and Trinity Investment Management transform the BEST network into a globally competitive, strategically designed portfolio of science hot beds, where the tenant base of each park is able to support the necessary synergies required for world-class innovation and commercialisation of science.“
As well as the Teesside site, the BEST Network consists of Edinburgh Technopole, Hexagon Tower in Manchester, Kent Science Park, Langstone Technology Park in Havant.
Colliers’ head of national offices Mark Taylor added: “As proven by the BEST Network purchase, the investment potential offered by UK science parks is beginning to hit the radar of investors internationally.
“The sector proved very resilient during the recession and is well supported in the future by Government with Chancellor George Osborne outlining continued research and development tax credits and other forms of support in the last Autumn statement.”
Colliers International provided strategic advice to the Angelo Gordon and Trinity Investment Management joint venture (JV) throughout the acquisition process.
Following the completion of the purchase, Colliers’ new life sciences team, alongside its lease advisory experts, have been retained to advise on the continued strategic development of the portfolio as the JV seeks to capitalise on the growth in the UK science and technology park sector.