Our client Brookfield Asset Management sought to enter the UK life science sector at scale. In December 2019, an opportunity was identified to enter into a 50:50 JV with the UK government for the Harwell Science and Innovation Campus.
With a stage one bid deadline in early January and completion set for 31 March, Savills had to rapidly mobilise in order to understand and comprehensively analyse the complex transaction.
The business plan proposed growing the campus from c.400,000 sq ft to 1,800,000+ sq ft over 5-7 years, transformational for Oxford and for the sector, and included a significant amount of complexity at the structural, developmental and operational levels. Forensic underwriting and risk identification/mitigation was required.
Savills corporate finance led and coordinated a multidisciplinary team including commercial agency, development, planning and property management, in order to comprehensively underwrite, model and conduct sensitivity analysis at pace, clearly articulating all potential risks and upsides to Brookfield.
We found Savills to be of the highest professional standards, having a deep knowledge of the sector and delivering us a forensic and skilled service. They are proactive in managing challenges, well organised and excellent communicators. We would recommend using them for all life science work going forward.
D. Williamson, Head of UK Investments, Brookfield Asset Management
Savills advised Brookfield from inception through to financial close, successfully meeting the ambitious timelines and securing a landmark transaction, which is anticipated to deliver highly attractive returns.
Savills advised on a wide range of areas including: detailed investment thesis providing regional, UK wide and global perspectives; interloper analysis; financial modelling; structuring; commercial negotiations including drafting of the bid letters, IC materials and input into the HoTs, the SPA and the FDD including the EV to equity bridge assumptions and completion accounts process. This was in conjunction with detailed commercial, technical and planning work streams to provide a comprehensive and strategic advisory service.