London, 21st June, 2021: BentallGreenOak (“BGO”), has today announced the acquisition of two retail warehouse assets in Oxford, UK. The assets have been bought in conjunction with BGO’s new joint venture partner, Mission Street. Together, the two firms will use their sector experience and expertise to redevelop the spaces to meet the growing demand from life sciences companies in Central Oxford. Once work is completed, the assets will provide a major research and development hub in Central Oxford delivering much needed purpose-built laboratory space into an undersupplied market.
These acquisitions are the first to be made by the new joint venture, which will seek to grow its platform via ground-up developments and the acquisition and re-purposing of existing assets in areas across the UK that are anchored by strong research and development credentials. The venture will also seek to partner with public and private bodies to build successful open innovation ecosystems.
Artem Korolev, Founder and Managing Director of Mission Street, commented: “We are delighted to be working with BentallGreenOak on these schemes in Oxford. They will deliver an exciting and dynamic urban research location within close proximity to Central Oxford, where we can deliver a purpose-built development to meet occupier needs. We look forward to curating a vibrant ecosystem in one of the world’s leading research and innovation locations and, beyond this, becoming the partner of choice for the UK’s research and innovation sector, supporting the entire lifecycle from discovery, to R&D, to manufacturing.”
Toby Phelps, Managing Partner at BentallGreenOak, added: “The growing and dynamic life sciences sector has been a key focus for us over the last 18 months. Leveraging our knowledge and relationships from the US market and our long-standing relationship with Artem and Mission Street has allowed us to identify assets that can provide high quality space into the supply-constrained market in Oxford. We are actively working on other near-term opportunities with the aim of building a substantial portfolio in the key UK science and innovation markets.”
BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $62 billion USD of assets under management (as of March 31, 2021) and expertise in the asset management of office, logistics, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.
For more information, please visit www.bentallgreenoak.com
Mission Street, founded in 2017 by Artem Korolev, former Head of UK Acquisitions at BGO, is a specialist investor, operator and developer of mixed use property for the UK science and innovation economy. Since inception, the company has managed over 500,000 sq ft of UK commercial property development projects with major international institutional investors.
Media Contacts
Rahim Ladha
Principal, Global Head of Communications
BentallGreenOak
media@bentallgreenoak.com
Artem Korolev
Managing Director
Mission Street
artem@mission-property.com