Brookfield Asset Management, the USA-based private equity and real estate business which bought a 50 per cent stake in Harwell Campus in April last year, has extended its ownership of UK life sciences and business parks after acquiring Reading-headquartered property investor and developer Arlington from TPG Real Estate Partners (TREP) for around £714 million, according to reports.
Arlington owns 36 sites, primarily across the Oxford/Cambridge “Golden Triangle, but also in Gloucester and Bristol. Assets include Oxford Business Park (home of Oxford BioMedica), Gloucester Business Park (where it has recently completed new premises for Ecclesiastical Insurance and Dowty Propellers), Arlington Square in Bracknell, Northfield Park Bristol and Reading International Business Park.
The investment bring Brookfield’s total ownership across the Golden Triangle to 1.4 million square feet of operating space. Globally, Brookfield has $210 billion assets under management.
Arlington has invested mainly in business space which can be used for corporate, innovation technology or R&D functions, with a growing focus on tech and life science. Alongside, it also develops logistics and manufacturing buildings often to enable its technology customers to transition from R&D to light manufacture or clean production.
James Raven, CEO at Arlington, said: “Over the last four years, we have worked closely with TREP to invest in our assets to provide high-quality amenities and actively position the portfolio to attract tenants in fast-growing sectors such as innovation, technology, and life sciences. Our track record of growing occupancy by almost 15 per cent, achieving double-digit rental growth on new leases, and collecting 100 per cent of rents since the onset of Covid is testament to the quality of the platform and the Arlington team. We thank TREP and are excited to partner with Brookfield for the next stage of Arlington’s growth.”