A life-sciences real estate investment firm formed in 2019 by Tishman Speyer and Bellco Capital has raised $3bn (€2.85bn) to develop and buy properties globally.

Breakthrough Properties said the amount raised by the Breakthrough Life Science Property Fund in direct and co-investment capital surpassed the fund’s initial $1.5bn target.

The company said the capital was raised from a diverse group of institutional investors, sovereign wealth funds and high net worth individuals spanning four continents.

Breakthrough Properties which already owns 4.6m sqft of projects in the pipeline across the US and Europe, said the capital raised will finance its ongoing developments.

Breakthrough Properties co-founder and CEO Dan Belldegrun said: “We are honoured to support our inspirational clients and partners and grateful for the confidence demonstrated by our investors. We look forward to putting these resources to work in support of the next generation of critical discoveries.”

Tishman Speyer CEO and Breakthrough Properties co-chairman Rob Speyer, said: “There is an acute and accelerating need for well-located, cutting-edge lab space. The Breakthrough Life Science Property Fund can enable us to deliver more of these projects across the US and Europe.”

Bellco Capital chairman and Breakthrough Properties co-chairman Arie Belldegrun, said: “Our platform recognises that best-in-class infrastructure is but one component of a thriving ecosystem.

“It also requires mentorship, innovation spaces, the ability to collaborate with other leading scientists, and access to venture capital.”

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