On May 16, 2022, the Oxford Properties Group, a Toronto-based real estate investor, and Novaxia, a French urban developer, have finalized a partnership to invest $1.4 billion in French life science properties over a period of five years. Novaxia, led by President Joachim Azan, will serve as the development and co-asset manager in this venture. Their investment strategy begins with establishing lab and research centers in Paris, a prominent biotech and medtech hub that garners 80% of France's biotech venture capital. The plan includes expanding into burgeoning life science markets within France, including Lyon and Strasbourg. Azan highlighted Novaxia's new venture into urban recycling, transforming obsolete buildings into innovative spaces for life sciences, including research labs, incubators, accelerators, and production facilities. This real estate development aims to foster scientific innovation and maintain France's scientific prowess. Pierre Leocadio, Head of Investment for Europe at Oxford Properties, emphasized the company's commitment to expanding their life sciences business globally, with France being a key market in their European growth strategy. Oxford Properties aims to emulate their North American and UK investment successes in France's thriving life science sector.