ASK lends for Cambridge life science conversion

ASK has provided a senior loan to a JV between Lateral and Amazon Capital to fund the first life science sector acquisition of Amazon Property’s new £250m fund.

The loan is secured against a 31,248 sq ft vacant office building set on a 1.3-acre site with 128 car parking spaces, situated in Histon, a fast growing, science research and development hub outside Cambridge.

Joshua Weinstein, Head of Institutional Markets, ASK said,

“The life science sector now employs 250,000 people in the UK and generates £81bn in revenue annually. Unsurprisingly we are seeing a huge increase in life science real estate financing opportunities. Active demand for life science lab space in Cambridge currently exceeds 1m sq ft making the conversion of this well-located vacant office building very compelling. The parties in this JV have an excellent track record and a robust business plan to deliver on this scheme. It was a pleasure to work with all parties on this transaction and with Lateral again, following the loan against a site in Whitechapel for lab conversion at the beginning of the year."
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