July 31, 2021
Real Estate

CPP Investments and Greystar Real Estate Partners Form U.S. Life Sciences Development Joint Venture

CPP Investments and Greystar have allocated an initial US$1.2 billion in equity to the joint venture to develop Class-A life science office and lab buildings in leading U.S. life science markets. Greystar will develop and manage the portfolio on behalf of the joint venture. As part of the program, the joint venture has acquired 74M, an office and lab development project located in Somerville, Massachusetts. CPP Investments will own a 90% stake in the project and Greystar will own the remaining 10%.

“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, Managing Director, Global Head of Real Estate, CPP Investments. “The acquisition of 74M expands our global life sciences strategy into the U.S. market and provides a solid foundation to…

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