Thomas White Oxford Ltd, the development company of St John’s College, has agreed a 50:50 joint venture partnership with Canadian-based Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan, with developer Stanhope PLC, to deliver Oxford North, Oxford, UK, the £700 million new global innovation district.

A new company, Oxford North Ventures LLP, 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 board of Oxford North Ventures LLP, (the ‘joint venture’) will consist of Bernard Taylor, chairman and William Donger, chief executive officer of Thomas White Oxford, Jenny Hammarlund, managing director, head of Europe, of Cadillac Fairview; and David Camp, chief executive of Stanhope.

The joint venture will invest almost £700 million to deliver 939,000 sq ft (87,300 sq m) of laboratory and workspace to enable life-enhancing discovery, along with amenities, infrastructure and social value during the next several years, which will boost the economy by circa £150 million in GVA per annum.

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 (15,793 sq m), with a link road and Central Park.

Future labs and workspace phases across Central and Eastside will be delivered by the joint venture.

Enabling infrastructure works started in August 2021. These works have already created more than 200 construction jobs. Delivered in tandem will be new, landscaped, open spaces as public spaces.

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 Ltd, 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.

“I am also delighted to have Stanhope as our partner and development manager. They are one of the leading and highest quality placemakers in the UK and their chief executive, David Camp, will personally lead the development team, bringing his exceptional experience in the life sciences sector and track record for delivering sustainable new exciting places on time and on budget.”

“Oxford North will have a very positive impact on people’s lives. For us, it is about investing responsibly in society and seeking a return for all on that investment so that Oxford North is recognized as a ‘must go to’ home for science and innovation within a wonderful new district with an exemplar approach to sustainable and low carbon development.”

William Donger, chief executive officer of Thomas White Oxford Ltd, 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.

“This also means that we can continue to maximize opportunities for local people with school and college engagement, provide construction apprenticeships for school leavers and graduates and upskill those people looking to be part of this exciting industry. Together, we are committed to delivering a new sustainable place for Oxford for those who live, work, learn, visit and play here.”

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.

David Camp, chief executive, Stanhope PLC added: “Oxford is a world-leading destination for life sciences and medical research, so it is a privilege for us to have formed this partnership with Thomas White Oxford and Cadillac Fairview to create what will become the city’s premier life sciences and innovation district. Stanhope has over 25 years’ experience creating places and fostering communities in the UK and this has allowed us to develop a blueprint for sustainable development which is of paramount importance for all involved in this exciting project. As development manager we are committed to ensuring that Oxford North delivers the highest quality public open space and buildings, and has a positive impact for all.”

View Oxford North’s new website, including its new 360-degree immersive cinemagraphs, and find out more about the project: www.oxfordnorth.com, this will open in a new tab.

About Thomas White Oxford Ltd

Thomas White Oxford (“TWO”) is a company wholly owned by St John's College, Oxford. The company is leading the masterplan for Oxford North and is supported by a professional team of architects, landscape architects, environmental, transport and planning consultants.

TWO has been seeking to realize the vision defined for the site in Oxford City Council’s Area Action Plan of July 2015. Oxford North will be a new global innovation district for Oxford, with sustainability at its heart, providing: 4,500 new jobs, 480 new homes for circa 1,500 people, of which 35%, the equivalent of 168, will be affordable homes, small shops, bars and restaurants, hotel, circa 23 acres of open spaces including three new parks, and significant investment into the walking, cycling, bus and highway networks. Oxford North will contribute circa £150 million per year in GVA to the economy.

Oxford North Ventures LLP will provide substantial investment into power, utilities, and public space, in addition to the infrastructure improvements to the A40 and A44 alongside public funding support.

The development and wider public will benefit from £18.4 million of additional grant funding to help deliver local infrastructure improvements, including £10 million from Oxford City Council’s Homes England Housing Infrastructure (Marginal Viability Funding) (HIF) application. With the support of Oxford City Council, and Oxfordshire County Council as highways authority, and OxLEP, this collaboration has been recognized by £8.4 million-worth of investment that was secured by OxLEP from the government’s Local Growth Fund.

TWO’s Oxford North’s project has been nearly 10 years in the making dating back to the early draft stages of the Core Strategy, adopted in 2012, and the Northern Gateway Area Action Plan, adopted in 2015.

www.oxfordnorth.com, this will open in a new tab

About Cadillac Fairview

Cadillac Fairview (CF) is a globally focused owner, operator, investor, and developer of best-in-class real estate across office, residential, logistics, life sciences and mixed-use asset classes. As the real estate arm of Ontario Teachers' Pension Plan, which has $228 bn of AUM, CF currently manages in excess of $35 billion of assets across Europe and the Americas, with further expansion ongoing into Europe and Asia.

Internationally, CF invests in communities with like-minded partners, including Stanhope in the UK, Lincoln Property Company in the U.S., and Multiplan in Brazil. The company's Canadian portfolio comprises 68 landmark properties, including the Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.

Continually striving to make a positive impact in communities where it operates by promoting social connection, growth, and a sustainable future, CF's Purpose is Transforming Communities for a Vibrant Tomorrow.

$35 billion in assets undermanagement 1,500+ employees in operations, corporate, development, and investments 38 million square feet of leasable space in Canada 23+ strategic partnerships globally through direct and listed investments

https://www.cadillacfairview.com/

About Stanhope PLC

Stanhope PLC is a developer, investor and asset manager with a London office of more than 70 staff including specialist expertise in property, construction, and asset management.

Stanhope has delivered more than 30 million sq ft, and achieved £30 billion of end value, delivered and under construction. The company typically manages around £3 billion of construction value on site and in its pipeline.

Stanhope generates consistent returns for its partners while setting new standards for workplaces, homes and cultural spaces that people love to use. Its development management model enables the delivery of projects from inception to successful operation, as well as offering clients more targeted support in phases where they need it most.

Combined with its company culture, Stanhope’s approach helps identify better answers, manage risks and navigate complex processes to create lasting value for its partners and the communities they jointly serve.

Current projects include:

The British Library: the development of a 2.8 acre site to the north of the British Library’s existing Grade I Listed building, creating an additional 100,000 sq ft of new space for the British Library for learning, exhibitions and public use, including a new northern entrance and a bespoke headquarters for the Alan Turing Institute, the national centre for data science research.

White City Place: establishing a new creative and life sciences’ quarter in London at the former home of BBC Worldwide, White City Place has both existing buildings that have been adapted for life sciences occupiers as well as planning permission for c.1 million sq ft of new space. The project has included the refurbishment and repositioning of three existing buildings to transform them into modern working environments: WestWorks, MediaWorks and the Garden House. Planning permission has been granted for an additional three new office buildings.

Royal Street, SE1: Stanhope and Baupost are development partners for Guy’s and St Thomas’ Charity to bring forward a development on a 5.5 acre site opposite St Thomas’ Hospital and close to Waterloo Station. Royal Street will provide a new mixed-use neighbourhood, including a MedTech incubator, space for academic researchers and clinicians, and will become an integral and hugely beneficial part of the London economy and local community.

https://www.stanhopeplc.com/, this will open in a new tab

For further information, please contact:

Olivia Lane-Nott Spacecraft Consulting For Thomas White Oxford olivia@spacecraftconsulting.com, this will open in a new tab 07968 081 128

Janine Ramparas For Cadillac Fairview Janine.ramparas@cadillacfairview.com +1 647 282 9214

Bettina Gimenez, London Communications Agency For Stanhope bg@londoncommunications.co.uk 07708 148215