Life Sciences Real Estate #59

Welcome back, subscribers!

We're excited to return from our summer break with a bumper crop of deals for you: 44 deals spanning 10 countries and covering everything from mega-acquisitions to cutting-edge conversions.

The market certainly didn't take a holiday—dive in to see what happened!

✅ Germany: pharma logistics at Schönefeld
✅ Netherlands: Legal & General refinances Amsterdam asset
🔒 Spain: biomedical campus for Palma
🔒 UK: Imperial College selects developer for 55,000 sq ft scale-up hub

🔒 Subscribers get all 44 deals • Everyone else can explore 22 of them → Get full access by subscribing here.

Read below for full details.

TRANSACTIONS (LEASES, SALES, FINANCING)

AUSTRIA ORTH

Infrareal Holding completed its acquisition of Takeda's 24-hectare pharmaceutical and biotech site in May 2025. The transaction, backed by Swiss Life Asset Managers and Gelsenwasser AG, includes existing production facilities, infrastructure and development land located 30 km east of Vienna near the international airport. The site supports ongoing biopharma production focused on gene and cell therapies and biologics. Infrareal's strategy involves expanding available space to attract additional life sciences tenants whilst implementing sustainable property management across the campus. Takeda’s own production at the site was scaled down prior to the handover. Pfizer Manufacturing GmbH is also present at the site, reinforcing its role as a biopharma cluster.

BELGIUM VARIOUS

Healthcare real estate specialist Lifento has acquired three specialised care homes in Jurbise, Quaregnon, and Seneffe on behalf of the RAIF Lifento Care Pan-European mutual fund. The facilities are designed to accommodate adults with mental and/or physical disabilities. The combined assets cover a total surface area of 4,923 sq m and have a total capacity of 132 beds.

FRANCE PERPIGNAN

In Q2 2025, LF Avenir Santé participated in the acquisition of a property complex designated for use as a medical and rehabilitation clinic in Le Barcarès (Pyrénées-Orientales), located 30 km north of Perpignan. The property, which extends to 7,857 sq m, provides 120 inpatient beds and 60 day-hospital places. The acquisition was made via SCI LF Hyde Park, in which LF Avenir Santé now owns a 42.4 per cent stake (alongside Épargne Foncière at 50.4 per cent and LF Croissance & Territoires at 7.2 per cent). The total acquisition cost was €30.97 million (all-in), with 48 per cent being financed through a mortgage. The property is fully leased to Elsan with 11.5 years remaining.

GERMANY BERLIN

SEGRO has leased an additional 8,494 sq m of logistics space to existing tenant UNITAX-Pharmalogistik at its Berlin Schönefeld park. The pharmaceutical logistics company has occupied 15,792 sq m at the facility since 2012 and will use the additional space for storage and distribution of pharmaceutical ingredients and finished medicines. The lease represents a seamless expansion without void periods for SEGRO. The logistics park is situated adjacent to Berlin Brandenburg Airport with access to the city centre within 20 minutes.

GERMANY BERLIN

Klingsöhr Group has completed several key leases at Ärztehaus Spandau's Galenstraße 6 location, with Palabra Praxisgruppe taking 430 sq m, a urology practice securing 180 sq m, an education provider leasing 800 sq m, and a data centre occupying 160 sq m. The building is part of the Ärztehaus Spandau healthcare network, which spans multiple prominent locations across the Spandau district—including Klosterstraße 34/35, Siegener Straße 57-61, and others. Klingsöhr Group acquired and converted the former AOK Nordost building at Galenstraße 6 into this key outlet, with full buildout of the 4,000 sq m facility planned for completion by end-2025. German health insurer AOK occupied the 1960-built office before Klingsöhr Group's 2022 acquisition and ongoing conversion to medical centre, completing end-2025.

GERMANY DRESDEN

HIH Invest Real Estate has acquired a six-storey healthcare centre at Löbtauer Straße 66 in Dresden-Friedrichstadt for the HIH Vita Invest fund from Imka GmbH Vermögensverwaltung. The building, which was developed in 2024 by Kadur Gruppe and Vollack Gruppe, provides 5,700 sq m of lettable space. The property's anchor tenant is Comcura GmbH operating a 41-place inpatient intensive care facility. Additional tenants include physiotherapy practices, orthotics companies and engineering offices. The acquisition is the fund's fourth healthcare property investment, targeting medical centres and outpatient care facilities across Germany with long-term lease structures.

GERMANY DÜSSELDORF

In Q2 2025, Bio-Techne leased approximately 1,120 sq m at the YORCKS Campus development on Yorckstraße 19-23. The transaction, arranged through Avison Young in partnership with the city of Düsseldorf and developer ABG Real Estate Group, involves the conversion of existing buildings to accommodate specialised facilities including clean rooms and laboratories.

GERMANY DÜSSELDORF

Mölnlycke Health Care has secured space on the Euref Campus at Düsseldorf Airport. The medical technology manufacturer will occupy 830 sq m. The 69,000 sq m Euref Campus will be completed in 2026, with the Euref Campus Düsseldorf Beteiligungsgesellschaft as owner and landlord.

GERMANY MAINZ

Lifecare ASA, a Norwegian medtech company developing Continuous Glucose Monitoring technology, has selected the Pfützner Science & Health Institute in Mainz as its second clinical trial site. The company has signed a lease for new facilities in Mainz effective 1 July 2025, which will add NOK 37 million (€3.1 million) to the financial statements as a right-of-use asset and lease liability. The agreement supports Lifecare's expansion of clinical operations beyond its first site at the University of Bergen Research Unit for Health Surveys.

GERMANY MUNICH

In June 2025, French investor SCPI Transitions Europe, managed by Arkéa REIM, acquired a fully let commercial property at Lochhamer Schlag 1 in Gräfelfing near Munich totalling 8,868 sq m of rental space. The multi-tenant building accommodates high-tech and pharmaceutical sector tenants, including German OTC pharmaceutical company PharmaSGP, offering predominantly production space alongside office areas. DLA Piper advised on the acquisition.

IRELAND DUBLIN

Henderson Park has mandated Eastdil Secured and JLL to explore sale or recapitalisation options for Horizon Logistics Park. The €550 million campus comprises 1.7 million sq ft of constructed space generating €22 million annually, representing a circa five per cent net initial yield. The site also offers a two million sq ft development pipeline. The park houses specialised life sciences facilities including UPS Healthcare's 6,000 sq m facility and DHL Supply Chain's 3,700 sq m temperature-controlled hub with full Health Products Regulatory Authority approval.

IRELAND LIMERICK

Belgian healthcare property specialist Aedifica has committed €26.5 million to a forward-funding project for a cancer centre in Limerick spanning radiotherapy and medical oncology services. The purpose-built facility will rise on the Greenhills Medical Campus in the Ballygrennan regeneration zone under a 30-year CPI-indexed triple-net lease, delivering an initial net rental yield of approximately 7 per cent. The centre will offer services across two radiotherapy bunkers, a CT scanner and a ten-bay infusion unit. Construction starts imminently with completion anticipated in Q4 2026.

IRELAND VARIOUS

MNK Partners has sold a four-property medical portfolio across Dublin, Kildare and Clare for €4.75 million, achieving a 36 per cent uplift on its €3.5 million original outlay. The properties in Lucan (2), Maynooth and Ennis are fully let to Centric Health Primary Care Limited and generate €414,490 annually. Lease terms range from 7.21 years to 14.8 years, with net initial yields of 5.68 per cent to 7 per cent and capital values of €2,357 to €3,035 per sq m, averaging €2,590 per sq m. Colliers handled the sale to two private investors.

ITALY VARIOUS

Colliers Global Investors acquired an 11-asset healthcare portfolio from Trilantic Europe through its Aesculapius Fund on 12 May 2025 with a total surface area of approximately 88,500 sq m, located across six Italian regions: Lombardy, Piedmont, Emilia-Romagna, Tuscany, Lazio, and Apulia. Ten facilities operate under lease agreements with ICS Maugeri SpA Società Benefit, with one additional asset leased to a third party. The assets combine biomedical research capabilities with patient care services within Italy's public-private health system.

NETHERLANDS AMSTERDAM

L&G has completed the €38 million refinancing of the One Helix research and development building at the Amsterdam University Medical Cluster, in partnership with Breakthrough Properties. The five-year loan facility forms part of L&G's lending strategy across prime UK and European properties. One Helix will house the new cell therapy discovery facility of AstraZeneca's subsidiary Neogene Therapeutics. In February 2024, Nuveen Real Estate had provided a €35 million loan for the acquisition and construction of the building.

SPAIN MADRID

Admara Capital has acquired a medical building at 51 Fernández de la Hoz Street, currently home to the Instituto Radiológico Dr. Castillo, for approximately €14 million with plans to convert it into residential units. The current building totals 1,350 sq m built on a 518 sq m plot, with an additional 1,500 sq m of remaining buildable area that could double the development potential. The building is located between Ríos Rosas and Almagro near Paseo de la Castellana.

SPAIN ZARAGOZA

Swedish property company AB Sagax has acquired a 64,000 sq m logistics complex in Zaragoza from Tristan Capital Partners and Kefren Capital for approximately €30 million. Known as Project Ebro, the asset is among the largest logistics properties in the region and sits within Malpica Industrial Park. The complex is fully leased to a diversified tenant mix including lift systems firm MP Ascensores, logistics operator Fecna serving Grupo Cata, and pharmaceutical company Teva, which also operates its main Spanish manufacturing plant within the same estate.

UK CAMBRIDGE

Bidwells secured multiple lettings at Co-Labs by Journey, Cambridge, with five life science companies (Nanoplume, AQDot, TaiSan, Abselion, and Sequential Bio) taking space across the 14,700 sq ft facility. The property offers flexible lab and office solutions including shared labs, private labs, and co-working space. Journey continues expanding with ‘First Steps’, delivering 500-6,000 sq ft fitted lab suites for scale-up companies with flexible leases and all-inclusive pricing.

UK GLASGOW

Residential developer Vita has acquired the Met Tower at 60 North Hanover Street for an undisclosed sum, planning to convert the long-vacant building into co-living accommodation. Previous owner Bruntwood SciTech had purchased the tower three years ago with plans for a £60 million tech and digital redevelopment but abandoned the project due to viability challenges. The building has been vacant for over a decade after operating as a college. The conversion will be Vita's first co-living scheme in Scotland, where the developer already operates over 1,000 beds, with three additional schemes providing 1,232 beds.

UK LONDON

Eli Lilly's plans for laboratories in London's Knowledge Quarter may not go ahead following recent life sciences market changes. The US pharmaceutical company was previously under offer for over 30,000 sq ft across the upper floors of Reef Group and BlackRock's Apex building in King's Cross. The transaction would have concluded a search for approximately 65,000 sq ft of workspace. However, pricing and regulatory pressures in the UK capital led to the plans being shelved.

UK LONDON

Life Science REIT has confirmed receiving significant interest from various sources regarding its formal sale process launched earlier this year. Certain parties have been granted access to additional due diligence materials and meetings with investment adviser Ironstone Asset Management. The company reported an unaudited EPRA Net Tangible Assets (NTA) of around £232.1 million as of 30 June 2025, representing a 10.9 per cent decline from the 31 December 2024 valuation. The portfolio signed four new leasing agreements, increasing contracted rent to £17.4 million.

UK LONDON

Biotech company Relation has more than doubled its footprint at British Land's Regent's Place campus, expanding from an initial 5,000 sq ft taken in 2022 to 13,000 sq ft following a new 7,000 sq ft lease agreement. The company had previously added 1,000 sq ft in early 2024.