Redwood has worked alongside long-standing client, Hermes Investment Management (Hermes), and its joint venture partner, Canadian Pension Plan Investment Board (CPPIB), to announce a deal at Milton Park, Oxfordshire. Hermes has agreed to sell a 50% equity stake in Milton Park to CPPIB for approximately £200 million.
Widespread coverage was secured in the likes of City A.M., Property Week, EG, CoStar and IPE Real Estate.
Located in the Thames Valley region of the U.K., Milton Park accommodates leading global science and technology companies as well as emerging businesses, including a number of spin-off organisations from the nearby University of Oxford. At 250 acres, Milton Park is one of Europe’s largest and most successful integrated business, science and technology parks and home to over 250 organisations employing over 9,000 people.
Chris Taylor, Head of Private Markets, Hermes Investment Management, said: “The deal marks another significant milestone in our growing relationship with CPPIB, which has already proved highly successful through our JV within central London and our collaboration at Wellington Place in Leeds and Paradise, Birmingham. Our interests are well aligned and, as such, we have been able to work together to deliver strong financial returns and positive impact upon society and the environment.
MEPC Limited (MEPC), a leading property developer and asset manager, which manages Milton Park on behalf of Hermes Investment Management, will remain as asset manager and developer under the joint ownership. MEPC is currently overseeing the development of Park Drive East, one of the largest speculative developments in Oxfordshire, accommodating the ongoing demand for quality office and laboratory space in the region.