Purchased from Hermes Investment Management, the 250-acre park is one of the largest science and technology sites in Europe, home to over 250 companies including spin-off organisations from the University of Oxford.
MEPC Limited will continue to manage the park under the new ownership.
The deal strengthens existing ties between CPPIB and Hermes, who already manage assets in central London, Leeds and Birmingham.
Chris Taylor, head of private markets at Hermes, said: “Recycling capital in this manner allows us to adequately diversify our global portfolio and invest further in existing and new strategic holdings, where we believe additional value can be added in line with our focus on the occupational impacts arising from growing trends of urbanisation, globalisation, technology and demographic shifts.”
Andrea Orlandi, head of real estate investments Europe at CPPIB, added: “We see significant future growth potential at Milton Park as it continues to build on its attractiveness to the life science sector, a major pillar of the thriving Oxford economy.”
The deal comes two days after CPPIB announced a €830 million strategic partnership with Vermilion into natural gas fields in Ireland.