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Plymouth Industrial REIT and commercial real estate investment firm Sixth Street have partnered on new acquisitions. As part of it, Sixth Street is investing $250 million in Plymouth and acquiring a 65 percent stake in Plymouth’s Chicago portfolio. Also for today: A nine-figure donation furthers the redevelopment of an old Los Angeles mall into a major life sciences campus.
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— Tom Acitelli, Deputy Editor
Plymouth Industrial REIT and Sixth Street Form $250M Partnership
Plymouth Industrial REIT and Sixth Street have formed a strategic partnership that will provide the real estate investment trust (REIT) with approximately $500 million in new capital to pursue new acquisitions. Plymouth announced on Tuesday that Sixth Street, a CRE investment firm with $75 billion in assets under management, has agreed to invest $250 million and purchase a 65 percent joint venture ownership stake in Plymouth’s massive industrial portfolio in Chicago, a deal that will allow Plymouth to remove $67 million in debt from its balance sheet and secure $212 million in deployable proceeds after the mortgages are assumed by Sixth Street. Plymouth’s Chicago portfolio includes 34 industrial properties totalling 5.9 million square feet.
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UCLA Research Park Gets $120M Boost
The University of California at Los Angeles is accelerating plans for a landmark life sciences research campus on L.A.’s Westside thanks to a $120 million gift. Billionaire surgeon and investor Dr. Gary K. Michelson and his wife Alya Michelson provided the nine-figure investment to help launch the California Institute for Immunology and Immunotherapy. The institute will be the anchor tenant, using 360,000 square feet at the under-construction UCLA Research Park at the former Westside Pavilion. The gift includes $50 million for the rapid development of vaccines and $50 million for research focused on the microbiome to enhance human health, the university announced. The mission of the immunology and immunotherapy institute is to focus on research that prevents diseases like cancer and Alzheimer’s.
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