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Ventas acquires $1B life sciences portfolio

Boston-based real estate investor, Bain Capital has sold its Genesis South San Francisco life sciences portfolio for $1 billion.

Located at the entrance to the South San Francisco life science cluster, one of the largest life science clusters in the world, the three-building portfolio was acquired by publicly traded REIT, Ventas.

The portfolio was purchase through the Ventas Life Science and Healthcare Real Estate Fund, a perpetual life vehicle focused on investments in core life science, medical office and senior housing real estate in North America.

“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.

DEBRA CAFARO

“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.”

Ventas secured financing from Citigroup and JPMorgan Chase, which are providing $415 million.

Genesis South San Francisco is surrounded by some of the top biotech and pharmaceutical institutions in the world, including Genentech, AstraZeneca, Merck, Abbvie and Amgen.

The fully committed, 796,572 square-foot portfolio is anchored by the prominent 21-story multi-tenant, life science building – the tallest in the country – and features amenities such as two on-site restaurants, fitness center, yoga studio, spin studio showers/lockers, conference centers and a 2,245 space structure parking facility.

The portfolio’s tenants include a mix of established and growing biotech companies such as Fluidigm, Sana Biotechnology, Pionyr Immunotherapeutics, Corbion, Arsenal Biosciences, Amunix Pharmaceuticals and Tizona Therapeutics.

Bain Capital Real Estate and Phase 3 Real Estate Partners acquired the two office buildings and development site through two transactions in 2015 and proceeded to create their flagship Genesis location in South San Francisco. The project is one of the submarket’s largest ready-to-occupy, amenity filled life sciences campus.

“Phase 3 Real Estate Partners was blessed to be able to work with such an incredible canvas created by the previous ownership and designed by Skidmore Owens Merrill Architects,” said Neil Fox, CEO at Phase 3 Real Estate Partners.

“It is not often you come across such a spectacular opportunity to transform a meticulously well-designed project into something special like these assets. We realize just how fortunate we are to play a small part in helping these science companies achieve their goals of helping make mankind healthier.“

Eastdil Secured served as exclusive advisor to Bain Capital Real Estate and Phase 3 Partners.

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