Pension Investment Council of Canada, Toronto, and real estate company Greystar Real Estate Partners have formed a joint venture to pursue biotech real estate development opportunities in the United States.
The C $ 497.2 billion ($ 394.2 billion) Pension Fund invested $ 1.1 billion in acquiring a 90% stake in the joint venture, while Greystar invested $ 120 million in the remainder.
Greystar, which manages $ 41.3 billion in assets, will operate the joint venture, according to a July 8 press release.
Part of the joint venture is the acquisition of an office and a laboratory for the 74M development project.
“The life sciences sector in the US continues to grow and evolve, with a growing demand for purpose-built labs and office space designed to market-leading specifications,” said Peter Ballon, CPPIB’s managing director, global head of real estate. news release. “The acquisition of 74M expands our global life sciences strategy to the US market and provides a solid foundation for this new program with Greystar, a leading partner with proven development expertise.”
This is the board’s third joint venture with Greystar. In January, they announced a joint venture to pursue multi-unit development opportunities in the United States, and in September 2020, they announced a joint venture with Cyrela Brazil Realty to develop multi-unit rental housing in Sao Paulo, Brazil.
Frank Switzer, the managing director of the board of directors of investor relations, could not be immediately contacted for more information.