Ventas (VTR +1%) partners with Wexford Science & Technology for four new developments totaling ~$800M in its university-based Research & Innovation business.
The investments are part of the near-term $1.5B R&I pipeline of expected new projects previously announced by Ventas.
The projects are 40% pre-leased and are expected to generate more than 7% cash yield and more than an 8% GAAP yield, upon stabilization.
The new projects include:
A new research, academic medicine an innovation hub in relationship with University of Pittsburgh to house immunotherapy research in collaboration with the University of Pittsburgh Medical Center and co-located with UPMC’s Shadyside Hospital;
A new development that expands Philadelphia uCity Square Knowledge Communitiy associated with the University of Pennsylvania;
Also in uCity Square, a College of Nursing and Health Professionals for Drexel University; and
Expansion of Cortex Innovation Community associated with Washington University in St. Louis.
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