IQHQ raises $1.7B to fund big biotech developments
By Jennifer Vangrove on November 19, 2020
Formed a year ago, IQHQ has already bought up land for 4.4 million square feet of life science projects, including a major one in San Diego
One-year-old biotech real estate investment group IQHQ has raised $1.7 billion in equity capital to build unparalleled life science cities in major U.S. and UK markets, including San Diego.
Formed a year ago, IQHQ is the brainchild of longtime life science builder Alan Gold, who founded BioMed Realty Trust and sold it to Blackstone Group in a transaction valued at $8 billion. The 35-person firm is primarily based in San Diego with 80 percent of the team working out of IQHQ’s Solana Beach office. The $1.7-billion round trails by just nine months the group’s first raise of $770 million, bringing total funding to nearly $2.5 billion.
The substantial sum is necessary for IQHQ to successfully go up against Gold’s former firms, BioMed and Alexandria Real Estate, said CEO Stephen Rosetta. The company received new and repeat investment from pension funds, sovereign funds, dedicated REIT investors and large family offices, with more demand than room, he said.
Read more via the San Diego Union Tribune >>