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10/19/20
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The Ventas Life Science and Healthcare Real Estate Fund, L.P. has acquired a trophy life science portfolio in the premier South San Francisco life science cluster for $1 bil. Ventas is the Sponsor and General Partner of the fund, which is a perpetual life vehicle focused on investments in core and core plus life science, medical office and senior housing real estate in North America. The assets were sold by a venture between Bain Capital Real Estate and Phase 3 Real Estate.
The Class A portfolio consists of a campus of three newly developed or renovated buildings in South San Francisco totaling nearly 800k sf. These include the two Genesis Towers – the 12-story, 340k sf South Tower and the 21-story, 375k sf North Tower – along with a 72k sf building at 4000 Shoreline Court.
The portfolio is 96% leased with a weighted average lease term of over six years. Nearly half of the tenant base consists of public companies averaging over $10 bil in market cap with the balance comprised of a diverse group of early to-mid stage life science companies backed by leading venture capital and private equity firms.
Ventas now owns or has investments in a research & innovation portfolio containing 7.3 msf and spanning 39 operating properties. This includes a presence in the top two life science clusters, South San Francisco and Cambridge.
“We are pleased to further expand our growing research & innovation footprint into the premier South San Francisco life science cluster with the acquisition of this outstanding lab portfolio,” said Debra A. Cafaro, Ventas Chairman and Chief Executive Officer. “Strong and growing capital flows into the life science sector are accelerating innovation and discovery. These flows support the demand for first class lab space in dynamic markets like South San Francisco. Ventas now owns or has an investment in over seven million square feet of research & innovation properties located in the life science clusters of Cambridge, South San Francisco, and on the campuses of over 15 top tier research universities.”
“The Ventas Life Science and Healthcare Real Estate Fund has raised more than $1 bil of equity, with continued capacity to grow, and more than doubled its assets under management to $1.8 bil. The growth of the fund is a testament to the tremendous market opportunity across the healthcare sectors of life science, medical office and senior housing real estate,” added Cafaro. “Our stakeholders continue to benefit from Ventas’s capabilities, strategic reach and team.”
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