LaSalle Investment Management’s flagship core open-ended US property fund has acquired its first life sciences property.

According to public records, the LaSalle Property Fund has paid Alexandria Real Estate Equities $299m (€271.6m) for a 49% stake in the San Diego, California asset used by biotech firm Illumina as its global headquarters.

The 793,000sqft asset is spread across six, office, lab and accessory buildings on 44 acres.

LaSalle said it will be investing in the developable land on the property’s campus, allowing its $5.8bn fund to participate in the potential future expansion and densification.

LaSalle said it plans to add more life science assets to its portfolio in the future in the US either for its core open-ended fund or various separate account clients that it represents.

Jim Garvey, portfolio manager for the LaSalle Property Fund, said the acquisition is a strong fit for the fund’s portfolio and represents a continuation of its ability to source properties that provide an attractive income return with the potential for significant appreciation.

“We are pleased to have entered the life sciences sector with a best-in-class partner in a leading life sciences submarket, University Town Center.”

Erick Paulson, managing director of acquisitions for LaSalle, said the San Diego market is comprised of over 15m sqft of life science space, ”supported by strong occupancy and rental fundamentals”, and The University of California at San Diego registers as the single greatest source of graduates in biomedical and biological sciences in the nation.