The investment from San Francisco-based Prologis will spearhead lifesaving biomedical breakthroughs and generate millions of pounds for the British economy every year.

Chancellor Rachel Reeves says the investment will also further turbocharge life science activity in the BioMed cluster which already powers £4.2 billion each year for Britain.

The latest Prologis investment funds Phase Two of 2000 Discovery Drive – its new development at the Campus – a six-floor 115,000 sq ft expansion offering a mix of hi-tech labs and offices plus support facilities for clinical trials and diagnostic services. The 2,120 highly-skilled jobs will be in roles from research to diagnostics.

It will be accompanied by extensive shared infrastructure works benefiting the Campus and the community (semi-sunken CycleParc, multistorey car parking and an expanded public realm, for example).

From summer 2025, the Campus will further benefit from the opening, on-site, of the new Cambridge South rail station – a huge boost for tenant companies’ recruitment strategies.

The latest BioMedTech facilities form part of a longstanding public-private partnership between Prologis, the landowner and CBC, which has so far seen the development and completion of 1000 Discovery Drive, with tenants including the Cambridge University Hospitals NHS Foundation Trust and a leading European biotech firm.

A further speculative development, 3000 Discovery Drive, has also been granted planning consent.

Reeves, who recently visited the venue, said research conducted at the Biomedical Campus, where global giant AstraZeneca is also expanding its presence and workforce, addresses the most pressing global healthcare challenges.

That includes developing techniques for spotting cancer early and understanding dementia while contributing significantly to the economy and currently employing over 22,000 staff, many of whom are in highly-skilled roles.

The announcement from Prologis also builds on the £63 billion worth of investments secured at the Government’s record breaking International Investment Summit last month – designed to create 38,000 jobs in the UK.

Reeves said: “This investment from Prologis – just days after this Government’s first Budget – is a vote of confidence in our plan for the UK economy. After also attracting £63bn at the International Investment Summit, 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.”

Paul Weston, Regional Head at Prologis UK, said: “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.

“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.

“Steps already taken through the launch of the National Planning Policy Framework and the Green Paper for the Industrial Strategy are paving the way for a stronger, more resilient industrial base.

“These initiatives will ensure the UK remains at the forefront of industrial innovation and Prologis are ready to support the Government’s ambitions, providing the spaces that can unlock growth and development.

“We look forward to furthering our collaboration and investment activity, ensuring the UK continues to lead on a global stage.”

Science and Technology Secretary, Peter Kyle, was equally enthused: “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.

“Major investments like this from Prologis, bringing the sector’s largest global companies under one roof in Cambridge, is another vote of confidence in the UK’s approach to long-term growth.

“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.”