June 18, 2019
Ventas is adding four new developments totaling approximately $800 million to its university-based Research & Innovation (R&I) business, all in Ventas’ ongoing partnership with Wexford Science & Technology. The projects are being undertaken with the University of Pittsburgh Medical Center; the University of Pennsylvania and Drexel University, both in Philadelphia; and Washington University in St. Louis.
Including the new developments, Ventas has relationships with more than 15 leading research universities in its R&I portfolio. The healthcare REIT’s R&I portfolio will now total nearly eight million square feet, and is expected to generate approximately $230 million in annual NOI upon stabilization.
“With $0.9 billion of our $1.5-billion development pipeline announced, we look forward to bringing these projects to successful completion, while we also work to make the balance of our near-term pipeline a reality,” said John Cobb, EVP and CIO at Ventas.
Pictured: Rendering of the Pitt Immune Transplant & Therapy Center in Pittsburgh
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