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Ventas, GIC Form JV on Research & Innovation Centers
Ventas, Inc. has formed a joint venture with GIC that will initially own four in-progress university-based research & innovation (R&I) development projects with total project costs estimated at $930 million. The JV may be expanded to include other, pre-identified future projects.
The Chicago-based healthcare REIT contributed its ownership interest in the initial R&I JV projects into the JV. Ventas will own a 50%-plus interest, and GIC will own a 45% percent interest in the initial projects, which span Philadelphia, Pittsburgh and Tucson. Ventas’s exclusive development partner, Wexford Science & Technology, remains the developer of, and a minority partner in, the initial projects.
“Following the successful launch and continued growth of our perpetual life vehicle focused on investing in core healthcare real estate, we are pleased to further expand our third-party capital management platform through this JV to now have over $3 billion in assets under management,” said Ventas CEO Debra A. Cafaro.
Pictured: Rendering of the Pitt Immune Transplant & Therapy Center in Pittsburgh
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