Cambridge coup as Aviva and Brydell invest £40.3m in property play

Aviva reveals that its newly-launched Multi-Sector Private Debt LTAF (MSPD LTAF) has completed a £40.3 million debt facility with Brydell, which is focused on transforming and repositioning projects that can drive value.

It is the first Real Estate Debt investment to be made by Aviva Investors’ MSPD LTAF since its launch last November. The facility is secured against the nine-property Journey Campus at Castle Park in Cambridge totalling around 125,000 sq ft of traditional and fitted office space.

The innovation campus sits within journey – an operating platform owned by Brydell Partners funds which supports innovation in key UK knowledge economies.

Brydell is transforming the campus into a mixed-use innovation hub and range of life science laboratories through a series of phased refurbishments, providing facilities for university spinout companies and early-stage startups.

Space will be offered on flexible terms, with transparent pricing, access to shared equipment and a specialist on-site team. The first of these will deliver an 18,000 sq ft lab incubator at No.5 Journey Campus – expected to be delivered this year.

Journey Campus itself is close to university departments while a new café will be delivered as part of the scheme, providing meeting and collaboration space.

Aviva Investors recently injected £15m into Cambridge Innovation Capital‘s newly-launched Opportunity Fund, which specialises in early-stage life sciences and DeepTech companies.

The new investment also complements the asset manager’s involvement in the CB1 masterplan development on Station Road in Cambridge UK and ownership of Chesterford Research Park – an advanced laboratory and office space for biotechnology, pharmaceutical and technology R & D companies, spread across 250 acres.

Sima Kotecha, Head of High Yield Strategies, Real Estate Debt, at Aviva Investors, said: “We are pleased to establish a relationship with Brydell. This investment marks a significant step for our Real Estate Debt business and Private Debt LTAF, illustrating our increased appetite to lend across the yield curve.

“This will create more investment opportunities for a greater range of investor client needs and deliver bespoke financing to a broad pool of borrower clients.”

Luke Layfield, Head of Portfolio Management, Private Markets, at Aviva Investors, added: “Cambridge continues to be an incredibly dynamic market, demonstrating strong fundamentals, and fuelled by access to an exceptional talent pool.

“Characterised by its emergence as a world-leading life science and technology cluster, it is a fantastic example of the UK getting ready for the future through innovative and cutting-edge technologies.”

David Seddon, Partner and Head of Asset Management, at Brydell Partners, comments: “The refinance with Aviva Investors will aid the continued evolution of Journey Campus. No.5 Journey Campus is complementary to the recently launched ‘Co-Labs by journey’ and builds on the successes we’ve seen to date.

“Having refurbished and leased several fitted offices across the campus, we will also be delivering a 28,000 sq ft, BREEAM Excellent, office building which is expected to reach practical completion in mid-2026. This will sit alongside a new cycle hub as we continue to promote sustainable travel.”