U and I Group, the specialist regeneration developer and investor, has exchanged contracts to sell its stake in Harwell Campus for £41.74m.
It has sold the science and technology campus in Oxfordshire to Brookfield Capital Partners for an initial cash payment of £28m, plus deferred payments of £13.74m.
The deal delivers development and trading gains to U and I of around £11m. The group has also sold the adjoining Gemini Building to Brookfield for £7.5m, marginally above book value.
“With such strong demand for science and research led facilities, it was the right time for U and I to sell its share in the joint venture, which also provides a significant cash injection that further strengthens U and I’s balance sheet,” said Matthew Weiner, chief executive of U and I.
“Brookfield has a trusted reputation for nurturing and growing assets in the real estate sector. We felt they were the right choice to drive the next stage of growth at this internationally renowned innovation and science campus in the Oxford corridor, giving Harwell the capital commitment it needs to unlock its potential for the future as a hub for pioneering research.”
UAI : U and I Group sells stake in Harwell Campus for more than £40m