Mon, 27 Feb 2012 | COMMERCIAL PROPERTY
Cambridge-based science park, Granta Park, has gone on the market for a record £140 million, according to reports.
Site owner MEPC has been quoted as saying that it will plough money from the sale into investing in “mispriced assets”.
Rick De Blaby, chief executive of MEPC, told Property Week, “Granta Park is one of our prime assets and we think that the best strategy is to recycle the capital generated from a sale and put it into purchasing sites which we believe will be mispriced this year.”
He told the publication that the sale of Granta Park follows refinancing undertaken by MEPC last year. He said this had given the firm a good capital structure and low debt ratio and that the sale of the park would put the company in a good position to buy up more sites.
Current tenants at the science park include Pfizer, MedImmune and TWI. According to a report in Business Weekly, despite the property sale, it will be business as usual for management and tenants at the park and a change in the way things are run is not expected.
Property agent Jones Lang LaSalle is handling the sale and Business Weekly reports that no potential buyers have been engaged with yet.
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