Tishman Speyer, Korean Pension Fund Launch $1.5B Investment Platform
By Celia Young November 10, 2021 1:05 pm
reprints
Tishman Speyer and the National Pension Service of Korea are launching a $1.5 billion platform to invest in real estate across the United States, the two companies announced.
The venture, dubbed the NPS-Tishman Speyer Thematic Platform, will dedicate its funds to real estate innovation and technology in “high-demand asset classes,” according to the announcement. It will also acquire and develop life sciences assets through Breakthrough Properties, a joint venture created by Tishman Speyer and Bellco Capital in 2019 that is actively investing in life sciences buildings in Boston and San Diego.
“This new platform leans into our collective experience in emerging asset classes and global markets,” Rob Speyer, Tishman Speyer’s president and CEO, said in a statement. “The most intriguing part is the new built-in ability to move quickly based on disruptive technologies and market shifts.”
The platform will invest in proptech companies and affordable housing as well — particularly in neighborhoods without a lot of lodging options. It also plans to provide high-yield mezzanine loans on real estate projects in growing U.S. markets.
The investment vehicle is another step for Tishman Speyer into the life sciences space — which has become a hot industry around the country, and New York, in the past few years. New York City poured a total of $1 billion into supporting life sciences businesses while life sciences leasing in the city reached a record annual high in June, according to a report from CBRE.
Celia Young can be reached at cyoung@commercialobserver.com.
