Ivanhoé Cambridge and Lendlease have invested an initial amount of 500 million dollars (432 million euros) to create an American joint venture for real estate investment in the life sciences.

The companies said the partnership will create new development and redevelopment opportunities to build a portfolio as it targets established and emerging life science clusters like the Boston, San Francisco Bay Area and San Diego markets.

Ivanhoé Cambridge will be the company’s majority partner while Lendlease will lead the development and supervise the construction of all projects.

The plan is to grow the portfolio through additional equity investments over time.

Jonathan Pearce, Executive Vice-President, Leasing and Development, North America at Ivanhoé Cambridge, said: “We are delighted to launch this new investment vehicle for basic life science projects with a like-minded partner. ideas that has proven itself to offer quality – sustainable innovative projects.

“This partnership will also allow Ivanhoé Cambridge to deepen its presence in the life sciences sector, which has long-term growth fundamentals while supporting the strategic diversification of our organization’s portfolio.

Denis Hickey, Global COO and CEO – Americas at Lendlease, said, “Together, we are uniquely positioned to provide state-of-the-art labs, offices and manufacturing spaces while expanding development capabilities in a high growth asset class.

Ivanhoé Cambridge and Lendlease’s first joint life sciences development project, 60 Guest Street, is scheduled to start in the spring of 2022 and be completed in 2024.

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