Madison International Realty has disclosed backing a $1.7bn (鈧�1.4bn) fundraise by US life sciences real estate developer IQHQ with a $100m commitment.
The real estate private equity firm said in addition to the initial investment, it also has the option to invest up to an additional $100m in IQHQ.
Late last week, IQHQ announced it had raised $1.7bn from investors including a $158m contribution from CenterSquare Investment Management. IQHQ said the proceeds will be used to pursue the expansion of its development pipeline in life sciences markets including Boston, San Francisco and San Diego.
Ronald Dickerman, founder and president of Madison International Realty, said: 鈥淭he rapidly-growing life sciences sector has evolved as one of the most dynamic in the new normal of the post-pandemic economy.
鈥淲e are very excited to partner with the highly experienced team at IQHQ, which is pursuing real estate life sciences projects in prime biotech hubs throughout the country. IQHQ fits well with our differentiated strategy of investing in select property platforms with quality portfolios that we believe are poised for growth.鈥�
Kyle Torpey, of Madison鈥檚 US investments team, said: 鈥淕lobal capital investment into life science and related R&D has grown for decades, exponentially increasing in recent years.
鈥淲e are enthusiastic about the timing of our investment in IQHQ, led by a highly experienced team, and are eager to expand our partnership with them.鈥�
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