The Group, which operates the BioCity and MediCity incubators at Newhouse outside Glasgow, has become part of a larger organisation to be named We are Pioneer
A joint venture between investor management firm Harrison Street and Trinity Investment Management, an operator, developer and manager of life sciences real estate, has acquired BioCity Group, which has run successful accelerators for nearly 20 years, and will combine with Trinity’s real estate business to form We Are Pioneer Group.
The £120 million deal will see the new firm manage more than 26 million square feet of science parks and single assets located across Great Britain.
The new Group is following the example of the US, where it is commonplace for real estate investors to directly manage labs. Through a national network and with an expanding programme of accelerators, the Group now aims to be the UK’s leading hub for science and innovation, becoming the first nationwide business to combine education, investment and business support with the development and asset management of lab space.
As part of the deal, the JV is acquiring 12 properties comprising 488,000 sq ft of science parks in Nottingham, Cardiff and Glasgow, where additional development will take place.
We Are Pioneer Group will focus not only on offering purpose-built space designed around different types of science, and accommodating specialised, often costly, equipment, but also on supporting an ecosystem that can help its tenants raise investment, attract talent and maintain and expend their presence in the company’s science parks.