IMCO closes USD$325M commitment to Breakthrough Life Science Property Fund
Breakthrough Fund closes first investment to develop Enterprise Research Campus at Harvard
TORONTO (April 29, 2021) – The Investment Management Corporation of Ontario (“IMCO”) announced it has closed its USD$325-million commitment to Breakthrough Life Science Property Fund (the “Fund”), which aims to develop and assemble a portfolio of Class A life science properties in leading technology centres throughout the U.S. The Fund’s first investment includes the proposed development of an Enterprise Research Campus (“ERC”) at Harvard University in Boston, amidst one of the busiest biotech hubs in the world. IMCO’s commitment comes as the life sciences sector is driving unprecedented innovation to save lives and address age-related chronic ailments associated with increasing life expectancy.
“Strong demographic tailwinds and record-breaking funding and activity in life sciences have created fundamentally sound conditions for our commitment to the Fund,” said Brian Whibbs, Managing Director, IMCO. “Adding exposure to this research sector is well-aligned with our strategy to diversify our Real Estate portfolio, and we expect these assets will create long term value for our clients.”
The Fund will develop the first phase of the ERC, a 14-acre mixed-use development site preliminarily approved for 900,000 square feet of lab, hotel, conference, and residential uses. The project is directly adjacent to Harvard’s Business School and new Science and Engineering Complex, as well as their Innovation Lab and Pagliuca Harvard Life Lab.
“Most existing life science property inventory is owned by long term holders, which makes the Fund a highly desirable and rare investing opportunity,” said Whibbs. “IMCO’s Fund commitment is the result of our valued partnership with Tishman Speyer. It is gratifying to advance cutting edge research alongside world-class partners, improving and saving the lives of many.”
The Fund was created by Breakthrough Properties (“Breakthrough”), a life science real estate investment company that has been jointly formed by Tishman Speyer’s global real estate platform and with Bellco Capital, a firm focused on life science companies and investment, and has integrated and long-lasting relationships with pharmaceutical, biotech and research institutions. The venture has, in aggregate, raised over $1-billion in capital for the Fund and Co-investment. IMCO has been part of a joint venture investment program with Tishman Speyer since 2019.
The Investment Management Corporation of Ontario (IMCO) manages $73.3 billion of assets on behalf of its clients. IMCO’s mandate is to provide broader public sector institutions with investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. IMCO is an independent organization, operating at arm’s length from government and guided by a highly experienced and professional Board of Directors. Follow us on LinkedIn and Twitter @imcoinvest