Aviva Investors is backing a £150 million Imperial College London development to support science start-ups as it returns to White City amid the area’s £2 billion regeneration.
Aviva, which sold a large site north of White City station to Imperial two years ago, is returning to west London to back a project to create the 248,000 square foot Translation Building which is to be used by Imperial Bioincubator.
The property sits on the 25-acre Imperial West campus which will bring together thousands of researchers, scientists, engineers and entrepreneurs.
The figure is 29% higher than the asking price sought by developer Voreda, according to property magazine Estates Gazette.
The BBC, Berkeley Group, Stanhope and Westfield are among companies committed to revamping the area with more than £2 billion of new property developments.
Imperial Innovations, in which the university is an investor, today slipped into the red.
It reported a £7 million, half-year, pre-tax loss after investing in Oxford, Cambridge and London.
