Oxford Properties Group and Novaxia, a French urban investor and developer, have entered into a long-term strategic partnership to invest in and develop much-needed new supply of life science real estate in France.
Novaxia will act as development manager and co-asset manager alongside Oxford, with the partnership targeting approximately €1 billion (C$1.4 billion/$1.04 billion) of investment during the next few years.
The fast growth of France’s life-sciences sector has accelerated after the COVID-19 pandemic and has become a key priority for the French government, but there is a critical lack of specialist technical real estate infrastructure to support this growth. The partnership aims to bring forward new supply of space to help meet that demand and is already in active discussions with local regulators. It soon will announce its first investments, which will be focused on the development of lab and research centers for biotech and medtech companies.
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