Ventas said four new developments in its Research & Innovation business, in partnership with Wexford Science & Technology, will be valued at $800 million. The investments are part of the near-term $1.5 billion R&I pipeline of expected new projects previously announced by Ventas.
The developments include creation of a research and innovation hub anchored by a new relationship with the University of Pittsburgh in collaboration with the University of Pittsburgh Medical Center and co-located with UPMC’s Shadyside Hospital; a new development that expands the Philadelphia uCity Square Knowledge Community associated with the University of Pennsylvania; a College of Nursing and Health Professionals for Drexel University; and expansion of the Cortex Innovation Community associated with Washington University in St. Louis.
Part of the goal is to address the aging population, Ventas executives said. The projects are 40% pre-leased and are expected to generate over a 7% cash yield, and over an 8% GAAP yield, upon stabilization.
“Ventas and Wexford are proud to partner with leading research universities, health systems, academic medical centers, life science companies and entrepreneurs in the creation of Knowledge Communities and innovation hubs,” said Debra A. Cafaro, Ventas Chairwoman and Chief Executive Officer. “We are committed to collaborating with and supporting these world-class research institutions, pioneers in biomedical research, academic medicine leaders and innovators as they develop life-changing therapies, conduct groundbreaking scientific research, and train clinicians to improve the lives of millions of patients as the population rapidly ages.”
