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Singapore government fund joins $930M venture backing West Philly life-science projects

Real estate trust Ventas Inc. has formed a joint venture with a Singapore sovereign wealth fund to finish developing $930 million in research and lab space, including projects on West Philadelphia’s uCity Square complex and with Drexel University, as the life-science sector proves resilient to a downturn in other property types.

The newly formed venture between Ventas and Singapore’s GIC Pte. Ltd. will own 1.4 million square feet of lab-and-research space across four projects under development in Philadelphia, Pittsburgh, and Phoenix, Ventas said in a release Friday.

The projects in the Ventas-GIC joint venture are part of what Ventas has classified as its “Research and Innovation” portfolio, a bundle of health-science buildings that it has been developing in collaboration with U.S. universities.

Among them are the 400,000-square-foot One uCity Square building that’s part of West Philadelphia’s growing uCity Square complex and the College of Nursing and Health Professions tower on Drexel-owned land at 36th and Filbert Streets.

Read more here:
https://www.inquirer.com/business/ve...-20201106.html