Ivanho茅 Cambridge and Lendlease have invested an initial $500m (鈧�432m) to create a US life science real estate investment joint venture.
The companies said the partnership will source new development and redevelopment opportunities to create a portfolio as it targets established and emerging life science clusters like the Boston, San Francisco Bay Area and San Diego markets.
Ivanho茅 Cambridge will be the majority partner in the venture while Lendlease will lead development and oversee construction on all projects.
The plan is to grow the portfolio through additional equity investments over time.
Jonathan Pearce, executive VP, leasing and development, North America at Ivanho茅 Cambridge, said: 鈥淲e are excited to launch this new investment vehicle for ground-up life science projects with a like-minded partner that has the proven track record to deliver high-quality sustainable innovative projects.
鈥淭his partnership will also allow Ivanho茅 Cambridge to deepen its footprint in the life science sector, which has long-term growth fundamentals while supporting our organization鈥檚 strategic portfolio diversification.鈥�
Denis Hickey, global COO and CEO - Americas at Lendlease, said: 鈥淭ogether, we are uniquely positioned to deliver state-of-the-art lab, office and manufacturing space while expanding development capabilities in a high-growth asset class.鈥�
Ivanho茅 Cambridge and Lendlease鈥檚 first joint life science development project, 60 Guest Street, is scheduled to break ground in spring 2022, with completion expected in 2024.
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