M&G Real Estate has sold its 50% stake in the Oxford Science Park to joint venture partner Magdalen College Oxford for £18.1m ($26.6m).
This means the college now has 100% control of the management and future development of the park.
The Oxford Science Park was established in 1991 as a 50/50 joint venture to deliver high-quality commercial offices and laboratories for science and technology-based companies. The park is now home to more than 2,400 people and over 60 businesses.
Magdalen College will continue to develop the Oxford Science Park as a long-term property investment, with ambitious plans to create an additional 300,000 sq ft of office and laboratory space on the remaining 12.8 acres of land during the next 10 years.
Rory Maw, bursar of Magdalen College said: "The acquisition represents the start of an exciting new phase in the Oxford Science Park's development. We thank M&G Real Estate for all their support and advice over the years."
The acquisition has been financed by a private placement of £30m of loan notes with a long-term institutional investor, with an average term of 25 years at a fixed rate of 3.32%. The balance of the funds is intended to finance the property development programme at the Oxford Science Park. Magdalen College was advised on the financing by JP Morgan.
M&G Real Estate manages assets worth £22.5bn and is part of the Prudential group.
