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Patrizia's Rockspring divests Cambridge, UK, asset for £78M

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Patrizia's Rockspring divests Cambridge, UK, asset for £78M

Royal London Asset Management acquired Cambridge Research Park in the U.K. from Patrizia Immobilien AG's unit, Rockspring Property Investment Managers, for £78 million in an off-market deal, Property Week reported.

The site was formerly part of Rockspring's UK Value 2 fund, which bought the 112-acre site in 2014 for £21 million in a joint venture with XLB Property, according to the June 13 report. The property was composed of 80,000 square feet of net lettable space. After completion of the acquisition, the partnership developed an additional 80,000 square feet of office/laboratory space across three buildings on the site and 76,000 square feet of industrial space across the nine-unit Enterprise 5000 project, which was completed in May.

Rockspring is already under offer for two of the industrial units that consist of a total of nearly 240,000 square feet of net lettable space. The deal includes 13.5 acres of consented development land.

Royal London Asset Management purchased the property on behalf of The Royal London Mutual Insurance Society.