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June 7, 2022
Longfellow & PSP Complete First Investment in United Kingdom in Cambridge
Longfellow Real Estate Partners and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, have announced their first investment into life science and innovation real estate in the UK: Capital Park Cambridge.
Capital Park Cambridge is a 42-acre campus of approximately 250,000 square feet of innovation-focused workspace that is home to a dozen companies from sectors including tech, agtech and biotech, through to patent law and the NHS / Department of Health. The campus sits on Cambridge Road in close proximity to Cambridge Station, Cambridge Biomedical Campus, Arm’s HQ at Peterhouse Technology Park and the Cambridge International Technology Park development.
Building on a successful existing relationship in the United States, Longfellow and PSP Investments have a long-term investment strategy for Capital Park and intend to acquire additional assets in the UK with an initial focus on the Golden Triangle markets of Cambridge, Oxford, and London.
In addition to Cambridge, UK, Longfellow – one of the largest investors in innovation and life sciences’ real estate in the US – has offices and sizable portfolios in key innovation ecosystems including Boston-Cambridge (MA), New York City, San Diego, the San Francisco Bay Area, and the Research Triangle of North Carolina, with a total portfolio that spans approximately 15 million square feet and over $10 billion in total asset value.
“We are excited to have made our first acquisition in the UK,” said Longfellow Managing Director Alex Wright. “Cambridge is a key part of the UK’s future and through sustainably-focused, long-term investment strategies in campuses like Capital Park, we aim to contribute to the region’s innovation ecosystem.”
“The acquisition of Capital Park is an important milestone for Longfellow and PSP Investments. We are committed to growing our presence in the UK and providing space to serve an ecosystem of life science occupiers from small venture-backed companies through to mature companies and institutions,” said Longfellow Co-Founder & CEO Adam Sichol. “Science and innovation real estate is operationally intensive and Longfellow has a successful track record developing and operating these critical facilities. The combination of sustainable, state-of-the-art lab space with a mix of amenities is an important part of Longfellow’s investment approach in all of our cluster markets including the Golden Triangle.”
“We are pleased to extend our US relationship with Longfellow into the UK with this significant acquisition in Cambridge, in line with our global convictions in the life sciences sector,” said Stéphane Jalbert, Managing Director, Head of Asia-Pacific and Europe, Real Estate Investments, at PSP Investments. “Cambridge is a market that PSP Investments knows well from its current portfolio and, being one of Europe’s top innovation clusters, we look forward to continuing to support the growth of the life sciences industry in the UK, while delivering strong risk-adjusted returns.”