Investment manager Railpen has bought Eastpoint Business Park, an Oxford life-science asset, for £29 mln (€34 mln) from AEW.
The addition to its life sciences portfolio is Railpen’s first entry into the Oxford market and follows significant investment in the Cambridge innovation sector.
Positioned in a prime location two miles south-east of Oxford city centre and in close proximity to Oxford Business Park and Oxford Science Park, Eastpoint Business Park comprises five buildings with a net internal area of 74,823 ft2 (6,950 m2).
The business park will be completely repositioned by Railpen to create a flagship laboratory-led asset.
Alistair Dawson, senior asset manager at Railpen, commented: 'We have been actively pursuing investment into the life sciences sector in Oxford, a global geographic leader in scientific research, and were able to move quickly once the right asset became available.
'Eastpoint met all our criteria to deliver enhanced returns to our members through strategic acquisitions; it is in a prominent location in a city that is oversubscribed with demand yet undersupplied with quality stock, and the site has great development potential.
'Combined, these factors mean that under our ownership, it will become even more important to occupiers seeking space in Oxford’s life sciences sector.'
Railpen’s property portfolio includes a range of regional and London-based developments. Together with its existing holdings in Cambridge, Railpen has a significant presence in the Oxford-Cambridge Arc, which is one of the fast growing economies in the UK.