CPP Investments and Greystar Real Estate Partners form $1.2b U.S. life sciences development JV

Canada Pension Plan Investment Board (CPP Investments) and Greystar Real Estate Partners have formed a new joint venture to pursue life science real estate development opportunities in target markets in the United States.

CPP Investments and Greystar have allocated an initial $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, Mass. CPP Investments will own a 90 percent stake in the project, and Greystar will own the remaining 10 percent.

"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, C