Press Release
14 August 2007
McGrigors advises in new major medical research facility for Dundee
UK law firm McGrigors LLP has taken a pivotal role in the creation of world class research facilities in Dundee. McGrigors advised the Translational Medicine Research Institute (TMRI) Ltd during its signing of its lease agreement with the University of Dundee which is funding the construction of new research laboratories.
TMRI will provide a new research facility for the Translational Medicine Research Collaboration (TMRC), which includes US based Wyeth, the world’s 10th largest pharmaceutical company, the Universities of Aberdeen, Dundee, Edinburgh and Glasgow, together with NHS Scotland Grampian, Greater Glasgow, Lothian and Tayside.
Construction is now underway on the 0.48 hectare site in the grounds of Dundee’s Ninewells Hospital and is due to finish in October 2008.
Alan Cook, a partner in the real estate team at McGrigors, said: “The fact that a heavyweight such as Wyeth has chosen to locate these operations in Scotland, more specifically Dundee, just goes to show how Scotland really is transforming into a world class centre for excellence in the field of life sciences. McGrigors is proud to be part of this deal which has formed an important part of medical research companies choosing to locate in Dundee.”
John Nicholls, CEO of TMRI, said: “Scotland is becoming a hub for translational medicine through its internationally leading clinical academics and research facilities. In addition, the strong collaboration between universities, the NHS and industry has helped create an efficient, harmonised environment to conduct translational research.”
Recent high-profile transactions undertaken by the McGrigors real estate team include advising the Bank of Scotland Corporate, part of HBOS plc, on a £119 million loan facility for the regeneration of Silvertown Quays in the Royal Victoria Docks area of East London, advising The Royal Bank of Scotland in funding the 25-year sale and leaseback deal of 148 Kwik-Fit outlets across the UK and the sale of Hilton Campus by the University of Aberdeen.
McGrigors Real Estate Group comprises more than 85 lawyers based in London, Edinburgh, Glasgow, Aberdeen and Belfast who are dedicated to providing innovative commercial advice on all aspects of commercial property law.
For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com