Macfarlanes advises Stanhope and Cadillac Fairview on joint venture investment in Cambridge Science Park

26 October 2022

Macfarlanes has advised UK developer Stanhope and its Canadian funding partner Cadillac Fairview (the real estate arm of Ontario Teachers’ Pension Plan) on their joint venture and acquisition of a 110,000 sq ft trio of properties within Cambridge Science Park, cementing their long-term commitment to the UK life sciences market.

Previously owned by Legal and General, the three-building campus at 194-198 Cambridge Science Park is currently fully let but provides the opportunity for longer-term development.

The investment between Stanhope and Cadillac Fairview marks their second collaboration in prime life sciences campuses outside London this year. Macfarlanes previously advised Stanhope on its joint venture with Cadillac Fairview and Thomas White Oxford on the acquisition and development of a £700m new global innovation district, Oxford North, in March 2022, and is now advising the partnership on an ongoing basis on this development.

Macfarlanes also advised Stanhope on its asset management of White City Place, which Cadillac Fairview acquired in 2020 for approximately £950m, and on its joint venture with Cadillac Fairview for the acquisition of 70 Gracechurch Street in London for approximately £300m in April 2022.

The Macfarlanes team was led by real estate partner Dan Marriott and senior associate Rebecca Ashton with assistance from senior associates Elizabeth Fielding and James Rees. Tax expertise came from senior counsel Kirsten Prichard Jones and VAT specialist Jack Slater.

Dan Marriott comments: “It has been a pleasure working with Stanhope and Cadillac Fairview once again on another exciting investment in the life sciences market.”