New GI Partners Fund Targets Data Centers, Life Science Assets
Since launching in early 2021, the ETS fund has invested in four assets in California and Philadelphia.
GI Partners has launched the GI Real Estate Essential Tech + Science Fund to invest in data center properties, life sciences assets and research & development facilities within the office and industrial sectors.
John Sheputis, former president of Infomart, will serve as managing director of GI Partners and head of the ETS Fund. He will be supported by a team of more than 20 investment and management professionals.
“The global economy is being transformed by technological and science innovations impacting the way people live and work,” Sheputis said in a prepared statement. “Data centers, life sciences assets, and always on facilities support essential functions of the 24/7 modern economy.”
Since launching in early 2021, the ETS fund has invested in the three-building Walsh-Bowers Assemblage (207,534 square feet in Santa Clara, CA), the six-building Mt. Eden Research Park (369,986 square feet in Hayward, CA), the two-building The Pointe (89,145 square feet in Redwood City, CA), the purpose-built lab and R&D facility at 3701 Market St. (140,913 square feet) in Philadelphia.
Several other investors have moved into the life sciences sector, which performed well during the pandemic. For example, just last week, The Canada Pension Plan Investment Board (CPP Investments) and Greystar Real Estate Partners announced they had formed a new joint venture to pursue life science real estate development opportunities. Initially, the companies have allocated $1.2 billion in equity to the joint venture to develop Class-A life science office and lab buildings in top US life science markets. Greystar will develop and manage the JV portfolio.
The joint venture has acquired 74M, a 468,000 square-foot, 18-story office and lab development located in Somerville, Mass.