DLA Piper advises Longfellow on life sciences real estate investment joint venture

DLA Piper has advised Longfellow Real Estate Partners on a joint venture (JV) with the Public Sector Pension Investment Board (PSP Investments) and Norges Bank Investment Management (NBIM). The JV is targeting a GBP1.5 billion venture focused on investing in life science and innovation real estate across the UK, with a particular emphasis on the Golden Triangle markets of Cambridge, Oxford, and London.

Within the initial phase of the partnership, NBIM will join PSP Investments and Longfellow in the ownership of Capital Park Cambridge, which was acquired in May 2022. This 42-acre campus, located in Cambridge, UK, provides approximately 245,000 square feet of innovation-focused workspace that is home to a dozen companies from sectors including fintech, agtech and biotech, through to patent law and the NHS.

DLA Piper Corporate partner, Jonathan Powling commented: “This deal played to both our ability to bring together a strong, cross practice team as well as our depth of experience in the Life Sciences sector. This is a large and exciting deal for the sector. It is evidence that specialist US operators, such as Longfellow, are serious about investment in UK life sciences with the joint venture supporting an area of the market where ecosystems of corporates, universities, and start-ups are creating an environment in which knowledge sharing and innovation thrive.”

DLA Piper’s cross practice team was led by Corporate partner Jonathan Powling and Real Estate partner Paul Jayson. They were supported by a broad team including Corporate Legal Director Lorna Edwards, Senior Associates Sam Whittaker and Kylie Gue along with Associates Thomas Morris and James Paget-Brown. Advising from Real Estate were partners Katie Jacobson and Ian Doig, Legal Director Ross Campbell, Senior Associate Mohammed Islam and Associates Abbey Shepherd and Jodie Montagnon. Tax elements of the deal were advised by partners Richard Woolich and Richard Harbot with Legal Director Michael Graham.