Morrison & Foerster has advised Trinity Investment Management ("Trinity"), an operator, developer, and manager of life sciences real estate, in connection with the launch, together with Harrison Street, an investment management firm exclusively focused on alternative real assets, of a new vertically integrated investment and operational company, combining real estate asset management with direct support for pioneering life sciences businesses.
Following the Harrison Street and Trinity joint venture (JV) acquisition of BioCity Group, which has run successful accelerators for nearly 20 years, it will be combined with Trinity's Knowledge Factory business to form We Are Pioneer Group. The new group aims to be the UK's leading hub for science and innovation and will offer life sciences businesses an ecosystem designed to accelerate their growth, enabling them to tap into the expertise and networks of other global businesses.
The deal will result in We Are Pioneer Group managing more than 2.6 million square feet of science parks and single assets strategically located across Great Britain. Supporting more than 500 tenants through early-stage venture capital investment and accelerator programs, We Are Pioneer Group will invest heavily in expanding these programs as it collaborates closely with academics, government agencies, and major pharmaceutical companies. As part of the deal, the JV is also acquiring 12 properties comprising 488,000 square feet of state-of-the-art science parks in Nottingham, Cardiff, and Glasgow, which will be managed by We Are Pioneer Group (which will be a separate business from Harrison Street).
The MoFo team advising Trinity on the deal is led by London Private Equity Real Estate partner Luke Mines, together with associate Kerry Goodleff and trainee solicitor Sam Jeffreys.
Read more in the companies' press release.