Breakthrough Properties, a leading global life sciences real estate developer, held groundbreaking events in October to herald the start of construction of Trinity by Breakthrough in Oxford, England, one of the leading academic and innovation clusters in the world.
A joint venture of global developer Tishman Speyer and biotechnology investment firm Bellco Capital, Breakthrough is constructing a world-class life sciences environment featuring 210,000 square feet of bespoke labs, offices and amenities at the gateway of the 88-acre Oxford Business Park.
Breakthrough acquired the site and is financing the development through its Breakthrough Life Science Fund and a £137 million (approximately $166 million) construction loan from a European lender. Having secured 'notice of grant of planning permission', construction commenced on the 16th of October, with completion of construction and initial occupancy anticipated in late 2025.
"There are over 30 companies needing R&D space, and the pipeline for new development is already pointing to a shortfall of available and appropriate sites," said Tom Renn, Breakthrough Properties Vice President for Acquisitions and Development. "We are incredibly inspired by Oxford, an ecosystem that is rich with history and that has contributed to many of the world's most impactful discoveries—from the development and production of penicillin in the early 1940s, to its incredible contribution to the world's fight against COVID-19, to more recent approvals such as the first TCR approval for melanoma by Immunocore in 2022, among others. It is these scientific breakthroughs and companies that we hope to support with the provision of premier R&D infrastructure we're developing at Trinity."
To celebrate the groundbreaking, Trinity by Breakthrough also hosted a reception and panel discussions with industry leaders Sir John Bell, Regius Professor of Medicine at Oxford University; former Chairman and CEO of Roche Dr. Franz Humer; Bellco Capital Chairman Dr. Arie Belldegrun; Tishman Speyer Head of Europe Bernard Penaud; E. Eric Tokat, Co-President of Investment Banking at Centerview Partners; Endpoints News CEO Arsalan Arif; and Oxford Science Enterprises Senior Partner Dr. Katya Smirnyagina.
The conversations highlighted the need for scientific infrastructure and investment in the Golden Triangle that not only match the caliber of Oxford and Cambridge but also foster future innovation. As Tokat explained about the dynamics of pharma M&A, "It wasn't just that we bought the product and we're moving on. We want an Oxford infrastructure, we want a space, we want a lab, we want to tap the talent at Oxford. I think that to me is very, very meaningful—more so than just someone buying a molecule and then moving on."
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