Magdalen College acquires Oxford Science Park
19 Feb 2016 by Evoluted New Media
Magdalen College has acquired the remaining 50% stake held in the Oxford Science Park for the sum of £18.1m, and now has full control of management and the Park’s future development.
Magdalen College has acquired the remaining 50% stake held in the Oxford Science Park for the sum of £18.1m, and now has full control of management and the Park’s future development.
The college will continue to develop the Science Park as a long term property investment, aiming to create an additional 300,000 sq ft of office and laboratory space. The college previously owned 50% of the Park since it was opened in 1991.
Rory Maw, Magdalen College bursar, said: “The acquisition represents the start of an exciting new phase in The Oxford Science Park’s development. It is a clear statement of the College’s intent to support the growth of Oxford’s thriving community of science and technology businesses and, by taking 100% ownership, we will have the flexibility to explore new ways of working together. The Park is the natural location for new spin-outs from Oxford’s world-leading research facilities, as well as established businesses looking to grow.”
The acquisition was financed with £30m loan notes on an average term of 25 years at a fixed rate of 3.32%. The remaining £11.9m will be used to create the additional lab and office space.
The Park houses more than 2,400 people and more than 60 companies ranging from start-ups to international companies.
