Breakthrough Properties Venture Raises Twice the Amount of Its Initial Goal From Investors
By Bert Erik ten Cate CoStar News April 29, 2022 | 8:47 AM
Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, raised $3 billion to build a global portfolio of life science real estate as demand surges for biotechnology space.
The total raised, through fund and co-investment capital, surpassed Breakthrough’s initial $1.5 billion target. It is the largest real estate fund dedicated exclusively to the life sciences sector, excluding recapitalization of existing portfolios, according to CBRE and JLL research.
The fund was raised from a diverse group of institutional investors, sovereign wealth funds and high net worth individuals spanning four continents, Breakthrough said in a statement. Founded in 2019, Breakthrough has a 4.6 million-square-foot pipeline of projects across San Diego; Boston and adjacent Cambridge; Philadelphia; Amsterdam; and Oxford and Cambridge in the United Kingdom.
The locations of Breakthrough's projects provide a map of some of the biggest locations for biotech property demand. The Boston and Cambridge area of Massachusetts, with its universities and established medical centers, has the biggest concentration of life science real estate in the United States. That's followed by San Francisco, with San Diego's fast-growing biotech real estate in third place.
Breakthrough plans to use the newly raised funds to finance its developments, which are in various stages of design, construction and development, and fund its pursuit of additional opportunities throughout the United States and Europe.
"There is an acute and accelerating need for well-located, cutting-edge lab space," said Tishman Speyer CEO and Breakthrough co-Chairman Rob Speyer in a statement. High-Value UK Deal
In February, CoStar News reported that the joint venture made its first United Kingdom investment, buying the 1.7-acre Trinity House site at Oxford Business Park.
The deal for the vacant building was more than 50 million pounds sterling, or $62.7 million in current U.S. dollars, or close to £27 million an acre, one of the highest land values paid outside London for commercial real estate.
It bought the property from the Duke of Devonshire's Devonshire Commercial Property, in another significant investment for the high-demand life sciences and research offices market in the United Kingdom.
Breakthrough’s portfolio also includes The 105 by Breakthrough in Boston, which is fully leased to CRISPR Therapeutics and will open its doors later this year.
In 2021, Breakthrough broke ground on its 515,000-square-foot Torrey View by Breakthrough development, a 10-acre research and development campus in San Diego that signed a prelease deal with the biosciences arm of global medical technology firm BD. Its Torrey Plaza campus, an office-to-lab conversion in San Diego, is leased to companies including Tandem Diabetes Care, Janux Therapeutics, and Protego Biopharma.
The companies said the joint venture places an emphasis on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users. Breakthrough targets LEED Gold certification at its United States properties and BREEAM Outstanding certification in its developments across the United Kingdom and European Union.
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