Breakthrough Properties Closes $3B Life Sciences Fund
CBRE and JLL Research have dubbed the joint venture the largest real estate fund exclusively dedicated to life sciences.
A joint venture of Tishman Speyer and Bellco Capital has closed a $3 billion fund to scale a global portfolio of life science companies.
Breakthrough Properties’ Life Science Property Fund had initially targeted $1.5 billion in fund and co-investment capital and ultimately blew through that benchmark in direct capital and co-investment from a group that included institutional investors, sovereign wealth funds and high net worth individuals.
The $3 billion raised will enable Breakthrough to scale a “best-in-class ecosystem” for dynamic early-, mid-, and late-stage life science companies. It will use the funds to finance ongoing projects that are currently in various design and development phases and to pursue additional opportunities across the US and Europe.
“Breakthrough Properties was created on the conviction that Tishman Speyer’s global real estate and investment platform paired with Bellco’s life science expertise and deep relationships would make for an unbeatable combination,” said Tishman Speyer CEO and Breakthrough Co-Chairman Rob Speyer. “There is an acute and accelerating need for well-located, cutting-edge lab space. The Breakthrough Life Science Property Fund can enable us to deliver more of these projects across the US and Europe.”
CBRE and JLL Research have dubbed the joint venture the largest real estate fund exclusively dedicated to life sciences, excluding recapitalizations of existing portfolios. Breakthrough currently has 4.6 million square feet of projects underway in San Diego, Boston/Cambridge, Philadelphia, Amsterdam, Oxford, and Cambridge in the UK. Its portfolio includes The 105 by Breakthrough in Boston, which is fully leased to CRISPR Therapeutics, and the 515,000-square-foot Torrey View by Breakthrough development, a 10-acre research and development campus in San Diego which signed a major prelease with the biosciences arm of global medical technology company BD (Becton, Dickinson and Company).
Investment in US life sciences real estate is poised to grow another 10% minimum this year, according to CBRE’s capital markets team.