UK: A group of overseas investors are funding a 57-key aparthotel near the Cambridge Biomedical Campus.
The investors, from territories including Russia, Dubai, Japan and Hong Kong, are investing in residential and commercial property schemes in or around Cambridge UK innovation hotspots. They are operating through London and Moscow-based real estate consultancy AZ Real Estate.
One of the biggest deals is a £1.5 million equity investment in a serviced apartment development 400 metres from the Cambridge Biomedical Campus. Developed by GCR Camprop, the scheme will comprise 57 serviced apartments across three buildings, accommodating professionals and academics based at one of Europe’s largest centres of health and medical science.
The campus has been earmarked for significant expansion as part of wider plans for the city, with the opening of state-of-the-art research facilities and locations for leading international businesses, including a £500 million headquarters for pharmaceuticals giant AstraZeneca.
In north Cambridge AZ Real Estate is also raising funds for GCR Camprop’s research and development office project at the heart of the Cambridge Science Park.
Alisa Zotimova, CEO and founder of AZ Real Estate, says: “Cambridge has been one of the UK’s most sought after cities outside of the capital for some time now. The adoption of the new local plan and investment that will come alongside that is set to take it to another level. Overseas investors are increasingly becoming more aware of the growth opportunities presented outside of London, and their cash injections will play an important part in the development of them.”
Kash Lais, managing director of GCR Camprop, said: “Its historic foundation as a globally recognised hub of academia and culture makes Cambridge one of the most dynamic cities in the UK. Cambridge has now added a global leadership position in research and development. The sharp spike in business investment has been complemented by additional transport, commercial and residential offerings. The Cambridge life sciences sector contributes £2.9 billion annually to the UK ensuring that this city plays a pivotal role in shaping the future of the UK economy and stimulating continued demand for housing and offices.”
AZ Real Estate advised its clients on the process, working closely with GCR Camprop to negotiate terms, manage the legal process and complete the transactions.
Founded in 2012 by Alisa Zotimova, AZ Real Estate is a bespoke property consultancy specialising in advising primarily Russian-speaking clients seeking to invest in London and UK property – from cradle to completion. Russian-born and now London-based, Zotimova has 16 years’ property experience, which includes senior roles at JLL and Cushman & Wakefield.
