KUALA LUMPUR, May 16 (Bernama) -- Pyrinas Real Estate Management Limited (Pyrinas) and Aeneas Capital Limited (ACL) are launching a US$120 million innovative close-ended property fund to develop co-working laboratory ecosystems for life science start-ups in the United States (US). (US$1 = RM 4.17)
The Pyrinas US Healthcare Real Estate Fund 1 SP is supported by the ecosystem of its affiliated company, Aptorum Group to acquire and re-develop real estate into shared laboratories and incubator facilities for life science sector start-ups.
The fund is targeting a return of 15 to 19 per cent per annum (Net IRR) over a period of four years with one-year extension. Pyrinas is currently in discussions with a number of institutional investors and collaborative partners.
According to a statement, the fund will focus on primarily four North America mandated cities, namely, Cambridge, Boston, Houston and San Francisco, and Toronto in Canada.
“These cities have been selected in view of several crucial factors that we believe are best positioned to take advantage of the robust growth in the life science industry,” said Pyrinas chief executive officer, Matthew Wong.
“The fund will focus on acquisition and development of real estate suitable for the healthcare and life science sector, particularly in operating laboratories with a co-working space model.”
Together with its affiliated company Aptorum Group Limited and Aeneas Capital, the fund also aims to nurture medical research, development of intellectual property and collaboration between scientists, researchers, investors and industry participants.
No comments:
Post a Comment