Delivering a world class Life Science campus

The Times, 4th July 2022:

‘One of Europe’s largest clusters for life science companies is to be created via a joint venture between UBS Asset Management and Reef Group to invest up to £900 million to develop land at a GSK research site in Stevenage. UBS Asset Management and Reef have acquired 33 acres of land from GSK to create an estimated 1.4 million sq ft of laboratory and office facilities, providing space for up to 5,000 “highly skilled” new jobs. The Hertfordshire site hosts one of GSK’s two main global research and development facilities as well as the Cell and Gene Therapy Catapult, a biotechnology hub, and the Stevenage Bioscience Catalyst. Construction of the new campus will begin next year and, subject to planning permission, parts of it will be open for business in 2025. Talks with the prospective tenants have begun. UBS is forecasting a £1.5 billion valuation on the site once it is developed. UBS and Reef are already co-investors and developers on other life science development projects, including a manufacturing site in Stevenage town centre.’

Rishi Sunak, the Chancellor, said the investment “Will encourage companies to start, grow and invest in the UK, boosting jobs and the economy and cementing the country as a global life sciences hub.”