Tristan Capital Partners, on behalf of the TIPS One Debt Fund and co-investment capital, has arranged a senior £180 million loan to fund a portfolio of prime life science assets in Oxford and Cambridge backed by leading global real estate investment manager, BGO and their joint venture partner Mission Street.
The loan is secured against a portfolio of three properties in Oxford and Cambridge housing approximately 300,000 sq. ft. of best-in-class Grade A specification institutional lab and office space for life science occupiers. The loan will fund the continued lease-up of two newly developed, standing assets and the development and fit-out works associated with a new purpose-built scheme – the first commercial science building in the UK to target a BREEAM Outstanding accreditation.
The Oxford assets are the first life science buildings to be delivered in Oxford’s West End and form part of BGO and Mission Street’s 1.5m sq. ft. life sciences development pipeline in key locations across the UK, including the ‘Golden Triangle’ of Oxford, Cambridge and London.
Dan Pottorff, Head of Debt Investment at Tristan Capital Partners, said:“We are pleased to be working with BGO and Mission Street in the delivery of the highest quality life science assets in supply constrained submarkets in the Golden Triangle. This financing is a continuation of our strategy of lending to sponsors with proven track-records of value creation and sector expertise. The transaction demonstrates our ability to write complex, large ticket loans utilising diverse sources of capital.
“The loan to BGO is Tristan’s largest to date and brings the annual total of debt investments deployed in the UK and Europe to c.€470 million.”
Gareth Purcell, Managing Partner at BGO, added: “We’re delighted to have closed this financing with the Tristan team. Seeing material leasing momentum in our recently completed schemes in Oxford and Cambridge, we will be starting on site early in the new year with the development of Fabrica, our 135k sq.ft. new-build development in Oxford’s West End.”
Tristan Capital Partners was advised by BCLP and BGO by Taylor Wessing. JLL acted as financing adviser to BGO.
ENDS
About Tristan Capital Partners
Tristan Capital Partners is a real estate investment manager, specialising in value-added investment strategies across all property types in the UK and Europe.
Tristan’s pan-European real estate funds include core+, opportunistic and debt strategies, with total assets under management of over €15 billion and a loyal client base of institutional and private investors.
The company was founded in 2009. Tristan’s headquarters are in London, and it has offices in Luxembourg, Milan, Paris, Amsterdam, and Frankfurt. Tristan is an affiliate of New York Life Investments. It is authorised by the Financial Conduct Authority and is MiFID compliant.
Please visit www.tristancap.com for more information.
About BGO
BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $85 billion USD of assets under management (as of September 30, 2024) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
In Europe, BGO is a leading investment manager with over 50 professionals and $10.5 billion USD in AUM across debt and equity, with strategies spanning from Core to Value-Add and Development, with its own internalised operating capability. Since 2014, the firm has acquired, developed or is currently developing over 200 European logistics assets comprising over 66 million square feet (6.1m sq. m.).
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com