A cross-practice team has advised Thomas White Oxford Limited on a 50:50 joint venture (JV) partnership to bring forward a £700 million global life sciences district development in Oxford.
The joint venture by Thomas White Oxford, the development company of St John's College, will see the company partner with Canadian-based Cadillac Fairview, the real estate arm of Ontario Teachers' Pension Plan, and developer Stanhope plc, to deliver Oxford North, Oxford, UK.
The 950,000 sq ft new global innovation district project is expected to boost the economy by about £150 million a year and will create much needed laboratory and workspace to the Oxford area.
We advised Thomas White Oxford throughout the selection by it of its development partner for Oxford North.
The team was led by partner Nisha Jassal, with assistance from partners Sharon Ayres, Richard Green, Ashley Mitchell, Gurinder Mann and consultant Robert Caddick. The team were supported by principal associate Hannah Daeche and associates Sneha Patel and Owen Shave, with further assistance from consultant Sue Bennett and principal associate Philippa Satterthwaite.
Nisha Jassal, partner at Gowling WLG, said: "Oxford is quickly becoming the life sciences hub of the UK and this joint venture will bring about the development of an important new life sciences district to support global science, research and innovation. We are delighted to have acted for Thomas White Oxford Limited on this undertaking."
William Donger, chief executive officer at Thomas White Oxford, said: "We warmly welcome our new development partners to deliver in a timely way one of the world's most significant innovation districts. Demand for lab and science translation space in Oxford is at record levels with restricted supply. Conversations with pioneering science and technology companies seeking such space have already started. Together, we are committed to delivering a new sustainable place for Oxford for those who live, work, learn, visit and play here."
Gowling WLG has a dedicated development and regeneration teams in the UK and act for a wide range of developers, funders and local authorities. The broad spectrum of asset classes we deal with means our expertise advising on mixed use schemes and regeneration sites is unparalleled. For further information please visit our Real Estate page.