US property investor Longfellow Real Estate Partners has acquired a $405m (€365m) portfolio from Bain Capital’s property investment arm.

Announcing the deal, Bain Capital Real Estate said it has sold the 1.34m sqft core life science portfolio located in the Research Triangle, North Carolina to an affiliate of Longfellow Strategic Value Fund.

The portfolio, which is 94% leased, consists of 18 buildings on four campuses.

Bain Capital Real Estate said started to build the portfolio in 2014 with Longfellow, its operating partner on this portfolio.

Elizabeth Carrillo Thomas, a managing director at Bain Capital Real Estate, said: “Bain Capital Real Estate developed a high-conviction theme based on secular tailwinds that are fueling demand for life science real estate in key cluster markets.

“Through incremental investments and transformative physical and operational improvements, we created an ecosystem of flexible spaces for vibrant companies that are at the forefront of game-changing scientific innovations.”