International law firm Simmons & Simmons has advised leading life sciences real estate firm Pioneer Group on a long-term partnership to deliver vital science, technology and innovation space.
The new three-way partnership involves laboratory specialists Pioneer Group, The Crown Estate – the UK’s national landowner with a £16bn portfolio – and Oxford Science Enterprises (OSE) – a billion-pound investment company and world-leading builders of university spinouts, backed by Oxford University.
With a long-term ambition of investing up to £1.5bn, the partnership will focus on addressing the lack of real estate for science, technology and innovation industries in the UK, through the creation of, and investment in, new development and regeneration projects.
The partnership’s first major project, launched today, is a £125m deal to acquire and redevelop a former Debenhams site in the heart of Oxford into new lab space – with the aim of supporting start-ups in the region.
The Simmons team was led by Oliver s’Jacob, partner in the firm’s Private Equity Real Estate team. He was supported by a multidisciplinary team, including partners Ali Crosthwaite (real estate), Kamal Arulvel (real estate finance), Nick Cronkshaw (tax), Duncan Athol (construction), Cathryn Bean (employment), Angus McLean (intellectual property) and Lawrence Brown (data protection).
Recently established, Simmons’ Private Equity Real Estate team is headed by Oliver s’Jacob, who has over two decades of experience working in private equity real estate transactions across Europe, advising on investments from some of the world’s largest private equity real estate funds.
Oliver s’Jacob commented: “Our new Private Equity Real Estate team is very proud to have provided its expertise to Pioneer Group to support this exciting, ground-breaking transaction in the ever-growing life sciences real estate sector. This long-term partnership will establish more vital centres of innovation, and will play a crucial role in supporting the UK’s world class science and technology industry.”