Puma Property Finance Delivers £46m Loan to Global Mutual for Riverlabs Retrofit
Deal News | Feb 13, 2025 | Puma Investment Management Limited
Puma Property Finance, a division of Puma Investment Management Limited, has extended a £46 million loan to Global Mutual, a real estate asset manager. This loan will finance the first phase of redevelopment of the Riverlabs life sciences campus in Ware, Hertfordshire. Part of the UK's notable life sciences 'Golden Triangle' made up of Oxford, Cambridge, and London, the project involves the refurbishment of a nearly 90,000 sq. ft building originally constructed by GlaxoSmithKline in 2014. Aimed at creating a low-carbon and flexible office space primarily for R&D and biotech organizations, this development will notably replace fossil fuel use with comprehensive site electrification, forecasting over 75% carbon savings. Completion is scheduled for the third quarter of 2025. This project follows Puma's earlier £21 million funding in May 2024, for Greyarc Investments to acquire office space in Oxford Business Park.
Sectors
- Life Sciences
- Real Estate and Property Development
- Sustainable Development
Geography
- United Kingdom – The development is situated in Ware, Hertfordshire, part of the UK's 'Golden Triangle' for life sciences.
- Hertfordshire – Specific location of the Riverlabs campus, highlighting its relevance in the regional life sciences ecosystem.
- Golden Triangle – This geographic area is notable for its concentration of life science industries and academic institutions, positioned between Oxford, Cambridge, and London.
Industry
- Life Sciences – The project focuses on retrofitting a life sciences campus, enhancing facilities that are fundamental to the biotechnology and pharmaceutical industries.
- Real Estate and Property Development – The article discusses the retrofitting of a real estate asset into a modern life sciences facility, a key component of property development and asset management.
- Sustainable Development – The retrofit emphasizes sustainability, aiming for low-carbon emissions and energy-efficient operations, integral to green development trends.
Financials
- £46 million – The loan amount provided by Puma Property Finance to Global Mutual for the Riverlabs retrofit.
- £21 million – A previous loan amount provided by Puma Property Finance to Greyarc Investments for an acquisition in Oxford Business Park.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Puma Investment Management Limited | PE Firm | Company | A private equity firm providing financial backing and investment strategies, notably for the Riverlabs project. |
| Puma Property Finance | Lender | Company | A division of Puma Investment Management providing the £46 million loan for the retrofitting project. |
| Global Mutual | Real Estate Manager | Company | The real estate manager and investor receiving the loan to execute the retrofit of the Riverlabs campus. |
| Riverlabs | Target | Company | The life sciences campus undergoing retrofitting to become a sustainable development. |
| GlaxoSmithKline | Initial Developer | Company | Originally constructed the high-spec laboratory facility at the Riverlabs site. |
| Greyarc Investments | Previous Borrower | Company | Received a previous loan from Puma for a life sciences venture in Oxford. |