Puma Property Finance Backs £46m Riverlabs Retrofit Project
Deal News | Feb 13, 2025 | Puma Capital Group
Puma Property Finance has extended a substantial loan of £46 million to Global Mutual, a real estate asset manager and investor, to initiate the first phase of renovation for the Riverlabs life sciences campus located in Ware, Hertfordshire. This project aims to refurbish an existing high-specification laboratory facility, initially built by GlaxoSmithKline in 2014, into a flexible and low-carbon space suitable for a diverse range of biotech, pharmaceutical, and R&D operations. The renovation will focus on sustainability, targeting an EPC A rating and cutting carbon emissions by over 75% compared to new builds. Upon completion, the site will offer various amenities including sports facilities and a large car park. This initiative is strategically positioned within the UK's life sciences Golden Triangle, promising enhanced connectivity and infrastructure development by Q3 2025.
Sectors
- Real Estate
- Life Sciences
- Sustainability
Geography
- United Kingdom – The Riverlabs project is located in Ware, Hertfordshire, within the UK's prominent life sciences Golden Triangle.
Industry
- Real Estate – The project involves the refurbishment and retrofit of a real estate facility, transforming it into flexible, sustainable laboratory spaces.
- Life Sciences – The Riverlabs campus is being developed to attract R&D, biotech, and pharmaceutical operations, placing emphasis on life sciences.
- Sustainability – The project focuses on sustainable development, aiming for high energy efficiency and substantial carbon savings.
Financials
- £46 million – Loan amount provided by Puma Property Finance for the retrofit project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Puma Capital Group | Private Equity Firm | Company | Puma Capital Group is providing the financing for the retrofit of the Riverlabs site. |
| Puma Property Finance | Lender | Company | A division of Puma Capital Group, providing the £46m loan for the project. |
| Global Mutual | Real Estate Asset Manager and Investor | Company | Recipient of the loan, managing the development of the Riverlabs campus. |
| GlaxoSmithKline | Original Developer | Company | Originally constructed the laboratory facility in 2014. |