The Canada Pension Plan Investment Board has agreed to buy a 50 per cent equity stake in a British business park for $329.6 million from Hermes Investment Management.

Milton Park, which is located in Britain’s Thames Valley, provides space for established science and technology companies, as well as spin-off organizations from the University of Oxford. It’s one of the largest business, science and technology parks in Europe and accommodates more than 250 organizations.

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“This transaction provides CPPIB with a further opportunity to grow our existing relationship with Hermes, one of our key strategic partners,” said Andrea Orlandi, managing director and head of real estate investments in Europe at CPPIB.

“We see significant future growth potential at Milton Park as it continues to build on its attractiveness to the life-science sector — a major pillar of the thriving Oxford economy.”

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MEPC Ltd., which currently manages Milton Park, will remain the property’s asset and development manager.

“The deal marks another significant milestone in our growing relationship with CPPIB, which has already proved highly successful through our [joint venture] within central London and our collaboration at Wellington Place in Leeds and Paradise, Birmingham,” said Chris Taylor, head of private markets at Hermes Investment Management.

“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.”

Copyright © 2017 Transcontinental Media G.P. Originally published on benefitscanada.com

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