Thomas White Oxford, the development company of St John’s College, has agreed a 50:50 joint venture partnership with Canadian-based Cadillac Fairview and developer Stanhope to deliver a £700 mln new global innovation district in Oxford, UK.
A new company, Oxford North Ventures, has been formed as a joint venture, 50% owned by Thomas White Oxford and 50% by Cadillac Fairview and Stanhope. Stanhope has also been appointed as development manager.
The joint venture will invest almost £700 mln (€830 mln) to deliver 939,000 sq ft (87,300 m2) of laboratory and workspace to enable life enhancing discovery, along with amenities, infrastructure and social value during the next several years.
In March 2021, outline consent was granted by Oxford City Council for the overall 64-acre masterplan and detailed consent for the first phase of new laboratories and workspace, which will total 170,000 sq ft, with a link road and Central Park.
Oxford North will include 480 much-needed new homes, of which a minimum of 35% will be affordable. Thomas White Oxford has already entered into an agreement with Hill Group to deliver circa 318 new homes, the first public park and new streets on Canalside, to the south of the A40.
Bernard Taylor, chairman, Thomas White Oxford, said: 'Following two years of careful work, we have selected our JV partners. I am thrilled to have Cadillac Fairview as our partner because of their long-established record of involvement in high quality property development and, as the property arm of Ontario Teachers’ Pension Plan, they have a very long-term investment perspective whose philosophy is well aligned with that of Thomas White Oxford and our 100% shareholder, St John’s College, Oxford.'
Jenny Hammarlund, managing director, head of Europe, Cadillac Fairview said: 'As we grow our investment portfolio across Europe, the life sciences sector is a strategic focus for Cadillac Fairview. We are extremely pleased to be investing in the UK with two strong and like-minded partners, Stanhope and Thomas White Oxford. Through this globally ambitious project, we will foster relationships with the UK’s world leading life sciences sector, including educational institutions, hospitals, the research community, and the commercial ecosystem, while building a sustainable community where innovation can thrive.'
The project is the second joint venture between Cadillac Fairview and Stanhope, which follows Cadillac Fairview’s acquisition of White City Place in 2021, which Stanhope continues to asset manage.
