Canada Pension Plan Investment Board, Toronto, and real estate company Greystar Real Estate Partners have formed a joint venture to pursue U.S.-based life sciences real estate development opportunities.
The C$497.2 billion ($394.2 billion) pension fund invested $1.1 billion for a 90% stake in the joint venture, while Greystar has invested $120 million for the remaining stake.
Greystar, which has $41.3 billion in assets under management, will operate and manage the joint venture, according to a July 8 news release.
Part of the joint venture is the acquisition of office and lab development project 74M.
“The U.S. life sciences sector continues to grow and evolve, with increasing demand for purpose-built lab and office space that is designed to market-leading technical specifications,” said Peter Ballon, CPPIB’s managing director, global head of real estate, in the news release. “The acquisition of 74M expands our global life sciences strategy into the…