A newly partnership between Oxford Properties and French urban developer Novaxia has acquired a 21,000sqft life sciences campus in Paris as its first asset.

The partnership, announced in May this year, has completed the acquisition of the Biocitech life sciences campus for an undisclosed sum. 

Biocitech, located in the Romainville submarket of Paris, comprises lab, office and specialist storage space across seven buildings. Oxford Properties and Novaxia plan to substantially invest in and reposition the Biocitech site.

Pierre Leocadio, SVP and head of European investment at Oxford Properties, said: “Building a global life science business of scale represents one our highest conviction investment strategies.

“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.”

Leocadio said Oxford Properties use its “early mover advantage and leverage our global experience” from across North America and the UK to create life sciences real estate solutions in the French market.

Back in May, Oxford Properties and Novaxia teamed up to invest around €1bn to acquire and develop life sciences buildings across France.

Joachim Azan, founding president of Novaxia, said: “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’s development arm, said: “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.”

To read the latest edition of the latest IPE Real Assets magazine click here.