In March 2011, we acquired a failing office park located north of Cambridge, at an 80% discount to vendor’s in-price.

The low in-price facilitated a pivot from office use to R&D and light industrial, providing much needed mid-tech space for the thriving local economy. Over the four-year hold period, the park was renamed and repositioned as a Life Science and Research & Development (R&D) campus.

Having established the campus to buildings and planning consents appropriate for the location and the market dynamics, the site was sold to a UK institution delivering a 20% IRR and 1.9x multiple.