CPPIB buys £200m interest in U.K. office and science park
Hermes Investment Management has agreed to sell a 50 percent equity stake in Milton Park to Canada Pension Plan Investment Board for approximately £200 million ($262 million).
Located in the Thames Valley region of the United Kingdom, Milton Park accommodates leading global science and technology companies as well as emerging businesses, including a number of spin-off organizations 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 organizations employing more than 9,000 people.
MEPC, a leading property developer and asset manager that 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.