{"id":1004491291,"date":"2020-11-09T05:01:31","date_gmt":"2020-11-09T13:01:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004491291"},"modified":"2020-11-09T07:19:06","modified_gmt":"2020-11-09T15:19:06","slug":"ventas-gic-form-jv-to-develop-life-science-space","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ventas-gic-form-jv-to-develop-life-science-space\/","title":{"rendered":"Ventas, GIC Form JV to Develop Life Science Space"},"content":{"rendered":"
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uCity Square. Image courtesy of Ventas<\/em><\/p><\/div>\n

Ventas Inc. and GIC, the Singaporean sovereign wealth fund, have formed a joint venture that will initially own four in-progress university-based \u201cResearch & Innovation\u201d development projects with a total cost of around $930 million. The parties noted that the joint venture might be expanded to include similar, already-identified future development projects.<\/p>\n

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READ ALSO<\/strong>: Ventas Makes $1B Deal for Life Science Campus<\/a><\/p>\n

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Ventas\u2019 contribution was its ownership interest in the initial four projects; the REIT will retain a more than 50 percent stake, while GIC will own a 45 percent interest. Ventas\u2019 development partner, Wexford Science & Technology, remains the developer of, and a minority partner in, all of the projects.<\/p>\n

Ventas will manage the joint venture and will receive customary fees and incentives.<\/p>\n

The initial four projects will total 1.4 million square feet when completed and are about 65 percent preleased in aggregate. They are expected to open between 2021 and 2023 and comprise:<\/p>\n