The joint venture will bring forward a commercial development which will consist of approximately 939,000 sq ft of laboratory, workspace and amenity space to enable life-enhancing discovery and boost the local economy. Stanhope has also been appointed as development manager for the scheme.

The project is the second arrangement between Cadillac Fairview and Stanhope, following Cadillac Fairview's acquisition of White City Place in west London in 2021 where Stanhope was retained as asset manager, a transaction on which Macfarlanes also advised Stanhope.

This real estate transaction involved input from a number of other teams across the firm including construction, private equity real estate, private client, corporate and M&A, tax and reward and investment management.

The Macfarlanes team was led by real estate partner Dan Marriott with assistance from senior solicitors Sindhuja Shriananda and Rebecca Ashton. Tax expertise came from senior counsel Kirsten Prichard Jones.

Dan Marriott comments: “We were delighted to advise Stanhope on this transaction in the life sciences sector and are excited to see the development of what will be such a significant site in Oxford.”

David Camp, chief executive of Stanhope Plc adds: “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.”