6 October 2025, London – Federated Hermes has announced the completion of a five-year £376 million financing for Milton Park (“the Park”), a science and technology park in Oxfordshire. The transaction represents one of the largest single-asset financings in the UK outside London.
The new financing replaces the previous £200 million mortgage loan, which recently matured. The transaction was led by existing lender Barings Real Estate, part of Barings LLC, with the support of HSBC UK.
In the heart of Science Vale, just south of Oxford, Milton Park is managed by Federated Hermes and held in a joint venture (“the JV”) on behalf of major institutional clients, including CPP Investments which holds a 50% interest in the JV. Located within the ‘Golden Triangle’ of Oxford, Cambridge and London, the Park is home to over 280 organisations, from start-ups to leading global science and technology companies, across life science, biotech, green energy, healthtech, advanced engineering, technology, agritech and professional services.
Covering over 300 acres with nearly 3 million square feet of floor space across 87 separate buildings, Milton Park is one of the largest single ownership innovation campuses in Europe. Accommodation includes offices, research facilities, mid tech space and over 800,000 sq ft of laboratory space and a growing range of amenities. Milton Park is developed by MEPC, the specialist real estate development platform of Federated Hermes.
Milton Park is a prime example of how our Real Estate business continues to evolve towards thematic real estate strategies that respond to societal needs and structural undersupply in sectors such as innovation and technology, all while continuing to focus on delivering resilient, long-term returns for our clients.
Mark Russell, Chief Investment Officer for Federated Hermes Real Estate
The successful completion of this financing represents a significant milestone for Milton Park. It not only reflects the strength of the relationship with our partners including CPP Investments but also demonstrates how global lenders share confidence in our vision and long-term business plan for Milton Park. I am delighted that we have been able to continue our longstanding partnership with Barings and to welcome HSBC UK onboard. Following the adoption of Milton Park’s second generation LDO (a 10 day simplified planning regime permitting up to 4.2 million sq ft of development) this finance will help ensure that Milton Park retains its position as one of the UK’s leading research and innovation hubs, enabling us to continue providing high-quality, flexible solutions for both existing and prospective occupiers of all sizes to pioneer their technologies.
Philip Campbell, Commercial Director for Milton Park
We’re delighted to continue our support of Federated Hermes and CPP Investments with the financing of Milton Park, a standout innovation campus in the UK. This transaction reflects our continued commitment to backing high-quality, strategically located assets that drive long-term value for institutional investors.
Chris Bates, Head of Europe Real Estate Debt Origination at Barings
Milton Park is a significant asset in the UK’s Science, Technology and Innovation ecosystem, and we’re pleased to support its continued development through this financing. The Park’s scale, diversity and quality of occupiers, and strategic location reflect the sustained demand for space in high-growth, future-focused sectors, something we’re always committed to supporting. We look forward to working with Federated Hermes and Barings as Milton Park enters its next phase.
Richard Holland, Senior Relationship Director, Real Estate Finance at HSBC UK
Notes to editors:
MEPC is the specialist real estate development platform of Federated Hermes.
Federated Hermes enjoys a long track record of delivering meaningful and sustainable placemaking schemes that not only generate long-term financial outcomes, but also positive societal and environmental impact.
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