Key Takeaways
- • Fidelity International acquired Mirai House, a life science research and development property at Leiden Bio Science Park in the Netherlands, for €54 million on behalf of its Fidelity Eurozone Select Real Estate Fund.
- • The 15,000 sqm asset is occupied by long-term tenants with leases ranging from 10 to 15 years, including the Netherlands Center for the Clinical Advancement of Stem Cell and Gene Therapies, with Astellas retaining a leaseback on the office wing.
- • The transaction reflects Fidelity's strategic pivot toward life science real estate, positioning the sector as a defensive investment offering stable, long-term income in a growth market.
- • Leiden Bio Science Park is recognized as one of Europe's most developed science parks, addressing institutional investor demand for thematic real estate investments beyond traditional sectors.
Summary
Fidelity International has completed a €54 million acquisition of Mirai House, a life sciences research and development property located at Leiden Bio Science Park in the Netherlands. The purchase, executed through the Fidelity Eurozone Select Real Estate Fund, the firm's flagship real estate vehicle, signals a deliberate expansion into the life science sector as an alternative real estate investment category.
The asset comprises approximately 15,000 square meters of research and development space with a stable tenant base secured through long-term leases. Occupancy is anchored by the Netherlands Center for the Clinical Advancement of Stem Cell and Gene Therapies, complemented by other tenants holding agreements of 10 to 15 years in duration. The seller, Japanese pharmaceutical manufacturer Astellas, has simultaneously entered into a leaseback arrangement for the building's office wing, providing a quality anchor tenant and demonstrating confidence in the asset's operational profile.
Maarten Frouws, investment manager at Fidelity International, characterized the investment as "defensive" with emphasis on stable returns within a growth market. He highlighted Leiden Bio Science Park's standing as one of Europe's best-developed science parks, underscoring the strategic value of the location. Frouws further noted that the transaction exemplifies a broader shift in institutional investor appetite away from traditional real estate sectors toward thematic investments aligned with long-term secular trends, particularly in life sciences and biotechnology research infrastructure.
The transaction, completed in December 2020, reflects the growing institutional recognition of life science real estate as a distinct asset class offering resilient cash flows and exposure to innovation-driven sectors. For Fidelity's investor base, the acquisition provides diversified exposure to European life sciences infrastructure while maintaining the income stability and risk profile typical of core real estate holdings.
The asset comprises approximately 15,000 square meters of research and development space with a stable tenant base secured through long-term leases. Occupancy is anchored by the Netherlands Center for the Clinical Advancement of Stem Cell and Gene Therapies, complemented by other tenants holding agreements of 10 to 15 years in duration. The seller, Japanese pharmaceutical manufacturer Astellas, has simultaneously entered into a leaseback arrangement for the building's office wing, providing a quality anchor tenant and demonstrating confidence in the asset's operational profile.
Maarten Frouws, investment manager at Fidelity International, characterized the investment as "defensive" with emphasis on stable returns within a growth market. He highlighted Leiden Bio Science Park's standing as one of Europe's best-developed science parks, underscoring the strategic value of the location. Frouws further noted that the transaction exemplifies a broader shift in institutional investor appetite away from traditional real estate sectors toward thematic investments aligned with long-term secular trends, particularly in life sciences and biotechnology research infrastructure.
The transaction, completed in December 2020, reflects the growing institutional recognition of life science real estate as a distinct asset class offering resilient cash flows and exposure to innovation-driven sectors. For Fidelity's investor base, the acquisition provides diversified exposure to European life sciences infrastructure while maintaining the income stability and risk profile typical of core real estate holdings.
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