US life sciences real estate developer IQHQ has raised $1.7bn (€1.4bn) from investors including a $158m contribution from CenterSquare Investment Management.

IQHQ, which raised an initial $770m nine months ago, said the latest fundraise was backed by new and existing strategic partners and the proceeds will be used to pursue the expansion of its development pipeline in life sciences markets including Boston, San Francisco and San Diego.

Steve Rosetta, CEO of IQHQ, said: “We are honoured by the trust placed in us by our shareholders for the completion of this significant capital raise, which validates IQHQ’s solid strategy, our exceptional team, and our success in identifying and securing premier life science projects and developments in top markets.

“It is important to take this opportunity to reflect on all that we have accomplished since our initial raise, and the most exciting part is that we are just getting started.”

Todd Briddell, CEO and CIO of CenterSquare, said: “The strength of our conviction in the life sciences sector is only matched by our confidence in IQHQ’s ability to meet the highly specialised demand for real estate in this exciting and rapidly expanding asset class.

“This management team has executed on a highly scalable vision that continues to deliver state-of-the-art office, lab and R&D space for premier tenants who are focused on critical innovations that improve and save millions of lives.”

To read the digital edition of the latest IPE Real Assets magazine click here.