Breakthrough raises $3bn for life science real estate fund

Breakthrough raises $3bn for life science real estate fund
Breakthrough closes largest ever dedicated life science real estate fund-Torrey View

Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, has raised $3 billion for its Breakthrough Life Science Property Fund.

The $3 billion raised in fund and co-investment capital surpassed Breakthrough’s initial $1.5 billion target.

It is the largest real estate fund dedicated exclusively to the life sciences sector, excluding recapitalizations of existing portfolios, according to CBRE and JLL Research.

Breakthrough will use the newly raised funds to finance its ongoing developments, which are in various stages of design, construction and pre-development, and fuel its pursuit of additional opportunities throughout the United States and Europe.

”Through a range of ground-up campus developments, lab conversions and StudioLabs, the company’s proprietary flex lab program geared toward hyper-growth start-ups, Breakthrough provides cutting-edge environments to the full spectrum of life science innovators – ranging from venture-backed discovery companies to established big pharma anchors,” said the company in a press release.

”Breakthrough will continue to leverage the market expertise and vast relationship networks of Tishman Speyer, Bellco Capital and its Scientific Advisory Board to create environments for leading biotechnology innovators and offers services to support their long-term business needs.”

Breakthrough Co-Founder and Chief Executive Officer Dan Belldegrun said, “Breakthrough was founded just three years ago with a mandate to create and operate inspired, cutting-edge environments for life sciences entrepreneurs and researchers on their quest to discover life-saving treatments for patients. We are honored to support our inspirational clients and partners and grateful for the confidence demonstrated by our investors. We look forward to putting these resources to work in support of the next generation of critical discoveries.”

Tishman Speyer CEO and Breakthrough Co-Chairman Rob Speyer commented, “Breakthrough Properties was created on the conviction that Tishman Speyer’s global real estate and investment platform paired with Bellco’s life science expertise and deep relationships would make for an unbeatable combination. There is an acute and accelerating need for well-located, cutting-edge lab space. The Breakthrough Life Science Property Fund can enable us to deliver more of these projects across the U.S. and Europe.” 

Bellco Chairman and Breakthrough Co-Chairman Arie Belldegrun, M.D., FACS, said, “Breakthrough Properties promises a new way to curate environments that foster life-changing and life-saving discoveries. Our platform recognizes that best-in-class infrastructure is but one component of a thriving ecosystem. It also requires mentorship, innovation spaces, the ability to collaborate with other leading scientists, and access to venture capital.”