Kadans Science Partner has added The Sherard Building on The Oxford Science Park to its Pan-European portfolio. The asset was acquired from MRP, the property arm of construction firm McAleer & Rushe.
The Sherard Building is a c.28,000 sq ft building let in its entirety to the science business builder Oxford Science Innovation (OSI). OSI uses the building to support early-stage life science businesses being spun out of the University of Oxford.
Oxford is a global centre of excellence in life science innovation. The cluster is anchored by the University of Oxford that was recently named the number 1 university in the world (Times World University Ranking 2021). The university, supported by OSI, has accelerated the movement of leading science out of the laboratory and onto the global stage, driving significantly increased real estate demand.
Brigid O’Donnell, Investment Director of MRP, said, “Having acquired the building 5 years ago and achieved a new letting with Oxford Science Innovation following early surrender agreement with the sitting tenant, we have taken the opportunity to sell the building to specialist investor Kadans Science Partner. The sales process attracted significant interest from Life Science investors and is a fantastic result for MRP and our shareholders.”
James Sheppard, Commercial Director (UK & Ireland), said: “We are delighted to secure this tremendously important building on Oxford Science Park. Oxford is a critical location for science and technology development, and the addition of The Sherard Building will allow us to support OSI in their mission of building world-changing businesses.”
Rob Millar, Director, Steerforth Partners, said: “We are delighted to have advised our client on a successful sale, having acquired the building for them 5 years ago.” Simon Glenn, Equity Partner, DTRE, said: “The life science market is fast paced and securing this best in class building for Kadans is an excellent result for our client.”
With the acquisition of The Sherard in Oxfordshire, the Kadans portfolio now comprises over 40 buildings and numerous projects under development in the Netherlands, the United Kingdom, Germany, Belgium and Spain. Kadans aspires to partner with universities, venture capital firms and organisations to create a strong knowledge-sharing ecosystem of science parks across Europe.
Kadans was supported in this transaction by DTRE, and Mills & Reeve acted as legal advisors for Kadans. Steerforth Partners and Farrer & Co LLP (legal) advised the vendor.