Life Sciences Real Estate #14

✅ Pharmacies: transforming healthcare ✅ Dublin: Hines seeks development partner ✅ London: British Land and Crick collaborate ✅ Amsterdam: Nuveen finances One Helix
Francis Crick Institute in London
Francis Crick Institute in London
Francis Crick Institute in London
Francis Crick Institute in London

Good morning subscribers,

Welcome to our fourteenth market update, where we examine the evolving role of pharmacies in healthcare and its real estate impacts. This edition also features a curated selection of deals from Denmark, Germany, Ireland, the Netherlands, Spain, and the UK, showcasing the sector's dynamism. Come explore with us!

Pharmacies: transforming healthcare
Dublin: Hines seeks development partner
London: British Land and Crick collaborate
Amsterdam: Nuveen finances One Helix

Read more below for all the details.

The evolving role of pharmacies in healthcare real estate

The blending of healthcare delivery with retail marks a shift in both sectors.

Read the full article

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New and extended assets

Victoria House in London will be converted
Victoria House in London


The BerlinBioCube at Campus Berlin-Buch was ceremonially opened last October, adding 8,000 sq m (86,000 sq ft) of laboratory and office space. 14 young companies planned to move into the building, including spin-offs from the Max Delbrück Center, Charité the university hospital, and the Leibniz Research Institute for Molecular Pharmacology (FMP). These companies are engaged in the development of innovative gene and cell therapies or novel compounds for the effective treatment of cancer and other common diseases. A total of €48.9 million (£43 million) was invested in the new building, around 40 per cent of which will go into technical equipment.


In October 2023 Sartorius CellGenix announced plans to build a new centre of excellence at its Freiburg site to meet the growing demand for high-quality raw materials in the cell and gene therapy market. The new building will include production rooms and laboratories with a gross floor area of almost 10,000 sq m (108,000 sq ft). The expansion costs around €140 million (£122 million) and the building will be completed in 2025, ready for production to commence the following year.


CTP Germany has acquired a 335,000 sq m (3.6 million sq ft) property in Mülheim an der Ruhr in North Rhine-Westphalia and plans to develop a high-tech business park there. The seller is the French pipe manufacturer Vallourec. The brownfield site on Schützenstrasse was previously the location of a rolling mill. Around 160,000 sq m (1.7 million sq ft) of space will be created there for research and development, laboratories, coworking as well as industrial and production areas. The target group includes companies in high-growth technology-oriented sectors such as life sciences and IT manufacturing. Construction work on the park is expected to begin in 2025.


The Technical University of Munich (TUM) opened the TUM School of Medicine and Health, combining the previous faculties of Medicine and Sports and Health Sciences to promote the future of prevention, diagnosis, therapy and rehabilitation. TUM aims to combine its research strengths on cancer, cardiovascular and neurological diseases, allergies and immune diseases with personalised preventive approaches and new digital technologies.


Hines is seeking expressions of interest for a new life science and research campus development opportunity called Collab at Cherrywood. The combined site area of 1.55 ha (3.83 acres) offers development potential (subject to planning) for 19,000 sq m (204,500 sq ft) of cutting-edge research buildings with state-of-the-art lab, offices and tenant amenity spaces.


Part of Custom House Plaza in the International Financial Services Centre in Dublin’s north docklands can change from office to medical use following a grant of planning permission by Dublin City Council. The converted space, extending to 4,148 sq m (44,648 sq ft) over five storeys, will contain consultant suites and various adult outpatient care services. Modifications to the internal layout of the building are required but no external changes are proposed. The building is owned by Killeen Properties.


The pharma giant Bristol Myers Squibb has been given planning permission for a new manufacturing plant in Mulhuddart in Dublin 15 that will employ 300 people when operational. Fingal County Council granted permission to construct a two-storey Sterile Drug Product (SDP) manufacturing building, an expansion of the company's existing operations at the company’s site in Mulhuddart, 10.4 km (6.5 miles) north-west of Dublin city centre. Commissioning will be complete in the first quarter of 2026, the company anticipates.


HLA Group has opened a clinic in Barcelona after an investment of €24.8 million (£21.2 million). HLA Clínica Internacional Barcelona has more than 5,500 sq m (59,200 sq ft) and is located in the centre of Bonanova, the health district of the Catalan capital. The clinic has four state-of-the-art operating theatres. For the construction of this clinic, the HLA Group has completely refurbished an emblematic building of Barcelona's healthcare system, initially built in 1967, with five floors and three basements.


A new 5,000 sq m (54,000 sq ft) cluster is planned for the remodelled Maritime Station of La Marina de Valencia. The Terminal Hub, a new technology hub, aims to become a key meeting point for Valencia's innovative ecosystem, which includes promising med tech and digital health startups. The Terminal Hub is designed to house more than 500 high-skilled jobs and is expected to be operational in the first half of 2024.


Kadans Science Partner started construction work on a new precision medicine Health Innovation Hub in partnership with the University of Glasgow and supported by Scottish Enterprise. The building will provide laboratory and office space, attract new and innovative businesses to the area, and deliver local benefits to the community.


Oxford Properties announced an office-to-lab conversion project at Victoria House. This conversion project aims to deliver 210,000 sq ft (19,500 sq m) of lab space alongside 100,000 sq ft (9,290 sq m) of supporting office and amenity accommodation. The BioIndustry Association opened their new headquarters at Victoria House in Q3 2023 and Pioneer Group will be launching an incubator on 11,000 sq ft (1,022 sq m) in the building upon delivery, both acting as cornerstone occupiers of this future ecosystem. Victoria House is a Grade II listed building located in Bloomsbury, close to the British Museum.


The Francis Crick Institute has joined forces with three major investors to further develop London’s Knowledge Quarter as a science and technology hub. The Crick is collaborating with British Land on space at 20 Triton Square, Regent’s Place, 30,000 sq ft (2,790 sq m) of which will be delivered in October 2024. The Crick is also collaborating with BlackRock and Reef Group on 52,000 sq ft (4,830 sq m) of space at Tribeca in King’s Cross.


Yoo Capital’s proposals for the regeneration of Shepherd’s Bush Market and the adjacent Old Laundry Yard site in London W12 have been approved by the London Borough of Hammersmith & Fulham. The company submitted a planning application in May 2023 for 40 new affordable homes, a new commercial building with a life sciences incubator for Imperial College London, and extensive upgrades and financial aid to Shepherd’s Bush Market.


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