A new partnership between Oxford Properties Group and Novaxia has purchased the Biocitech life sciences campus in Paris, France.
The deal marks the first acquisition of the partnership, announced in May this year, to invest approximately €1bn to acquire and develop life sciences buildings across France.
Biocitech, located in the Romainville submarket of Paris, comprises 21,000m² of lab, office and specialist storage space across seven buildings and enjoys a rich history as a life sciences hub.
The campus is leased to 17 occupants including Galapagos, Mutabilis and Nextdot. Two-thirds of the occupiers are mature companies with the remaining third start-ups, creating a scientific community with endeavours across biotechnology, biopharmaceuticals, bioinformatics, the provision of scientific and technological services as well as medical devices and equipment.
“Building a global life science business of scale represents one our highest conviction investment strategies,” commented Pierre Leocadio, Senior Vice President and Head of European Investment at Oxford Properties.
“This acquisition presents us with an exciting opportunity to enter the Paris life sciences market, which is underpinned by high occupier demand yet an acute undersupply of space. At Biocitech, we aim to create a premier campus that serves the entire life and product cycle of biotech firms which is an increasingly important sector in France. We will use our early mover advantage and leverage our global experience from across North America and the United Kingdom to create compelling life sciences real estate solutions in the French market. We look forward to working with our local partner, Novaxia, on the first project of our partnership to help biotech firms research, develop and then manufacture the life-changing therapeutics of tomorrow,” he added.
Joachim Azan, Founding President of Novaxia, commented: “With the acquisition of Biocitech, we are taking a first step in creating places that represent the entire life sciences value chain (research laboratories, incubators, accelerators and production plants). Real estate will thus be the starting point for scientific innovation so that France retains its best researchers, its best companies and strengthens its scientific sovereignty. With Oxford, we are at the beginning of a partnership, which plans to make further acquisitions.”
Aude Landy-Berkowitz, Managing Director of Novaxia Development added: “The development of life sciences requires real estate that meets the technical needs and uses of a community. In France there is a shortage of suitable buildings. The requirements are multiple and specific in terms of water, air, height or safety. We will develop real estate that is complementary and synergistic, adaptable with enclosed as well as shared spaces in the service of research and innovation and suitable to small start-ups as well as large companies. With Biocitech, we are creating new campuses open to cities and residents, just like those in Amsterdam, Oxford or Boston.”