Joint real-estate venture Breakthrough Properties has completed a $3 billion fundraiser in order to establish campuses for life sciences companies that will join the fund’s broad globe-spanning portfolio. The fundraiser far exceeded its $1.5b. target to become the largest ever real estate fund in the life sciences sector (excluding recapitalizations of existing portfolios), according to real estate companies CBRE and JLL.
Breakthrough, a venture between real estate mogul Tishman Speyer and Bellco Capital, specializes in developing and acquiring dedicated compounds suited to companies within the life sciences ecosystem, including biotechnology, pharmaceuticals, medical technology, genetics and medical equipment. The funds are to be used to finance various existing projects, as well as to promote new projects throughout the United States and Europe.
“We established the fund with the aim of creating and operating cutting-edge environments where life science entrepreneurs and researchers can optimize their quest for life-saving treatments,” said Breakthrough co-founder and CEO Dan Belldegrun.