The UK’s railways pension scheme – Railpen – has scooped for a life-science business park in Oxford for £29m.

Eastpoint Business Park, acquired from AEW UK REIT, comprises of five buildings and they aim to reposition the asset to create a laboratory-led portgolio.

This is a further commitment by Railpen in the Oxford Cambridge Arc – with numerous assets in Cambridgeshire in addition to their substantial portfolio in London.

Alistair Dawson, a senior asset manager at Railpen, said: “We have been actively pursuing investment into the life sciences sector in Oxford, a global geographic leader in scientific research, and were able to move quickly once the right asset became available.

“Eastpoint met all our criteria to deliver enhanced returns to our members through strategic acquisitions; it is in a prominent location in a city that is oversubscribed with demand yet undersupplied with quality stock, and the site has great development potential.

“Combined, these factors mean that under our ownership, it will become even more important to occupiers seeking space in Oxford’s life sciences sector.”