U+I has exchanged on the sale of its holding in Harwell Campus, the world-leading science and technology campus in Oxfordshire, to Brookfield Capital Partners for an initial cash payment of c.€32m (£28m), plus deferred payments of €15.7m (£13.74m). This delivers development and trading gains to U+I of approximately €12.5m (£11m), subject to formal audit.
The disposal of U+I's share of the joint venture in Harwell follows an extensive marketing and due diligence process which saw strong interest from a number of international investors, attracted by the potential of this internationally renowned 700-acre science campus, grounded in over €2.3bn (£2bn) of world-leading scientific infrastructure. The additional sale of the Gemini Building, held in our investment portfolio, was opportunistic and reflected a fair value for this asset, whilst providing additional cash to our business.
Matthew Weiner, CEO of U+I said: "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. With such strong demand for science and research-led facilities, it was the right time for U+I to sell its share in the joint venture, which also provides a significant cash injection that further strengthens U+I's balance sheet."