A Silicon Valley-based property giant has announced a £500m investment into a British research campus, following the chancellor’s pledge to bring private investment into fast-growing UK businesses.

Property developer Prologis, valued by Dealroom at $140.4bn, will fund a 115,000 sq ft expansion to the Cambridge Biomedical Campus.

The development will bring new lab space, which has been highlighted as a critical need for the region’s well-established life science sector.

The government has said the investment will create over 2,120 high-skilled jobs and inject millions into Britain’s economy.

Cambridge Biomedical Campus currently brings around £4.2bn each year to the economy.

Chancellor Rachel Reeves described the investment as a “vote of confidence in our plan for the UK economy”.

In last week’s Autumn budget speech, Reeves highlighted the need to attract private investment into Britain.

“It’s clear Britain is back in business. Economic growth is my number one mission, and unleashing private investment will play a major role in kickstarting it,” said Reeves.

The budget also included a pledge to support the life sciences sector with an additional £520m via a new manufacturing fund.

“There is a lot riding on this pivotal first budget and strong support from the private sector to follow through on investment pledges will be critical,” said Paul Weston, regional head at Prologis UK.

“The government’s commitment to unlock Foreign Direct Investment matches our own focus on partnering with public and private stakeholders to invest and deliver the infrastructure needed for sustainable, long-term growth.”

Tech Secretary Peter Kyle added: “The UK’s life sciences sector is central to our ambitions for the UK – from driving economic growth through to saving and improving lives through better treatments.

“Coming just days after the chancellor raised public funding for R&D to record levels, this underlines how this government is in lockstep with business in our joint ambition to make sure everyone in the UK benefits from advances in science and technology.”

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