LaSalle enters life sciences sector with San Diego buy
LaSalle Investment Management has acquired a partial interest in the world headquarters and life sciences campus of Illumina, a global leader in DNA sequencing and array-based technologies, for an undisclosed sum.
The deal was made on behalf of the firm’s U.S. core open-end real estate fund, LaSalle Property Fund (LPF), with the property’s developer, an S&P 500 U.S. equity REIT.
LPF invests in and manages a diversified portfolio of assets in the industrial, multifamily, office and retail sectors, in top markets across the United States.
“This acquisition is a strong fit for our portfolio and represents a continuation of our ability to source world-class properties that provide an attractive income return with the potential for significant appreciation,” said Jim Garvey, portfolio manager for LPF.
The transaction represents LaSalle’s first investment in the life sciences sector.
The class-A property is located in the heart of the coast