Millennium

It is a campus of four mixed-use laboratory/office assets, located in the Rancho Bernardo and Carmel Mountain neighbourhoods. The San Diego market is one of the most important biotech hubs in the US, the third after Boston and the San Francisco/Silicon Valley area.

The property was acquired as part of a transaction involving the long-term sale&lease-back of two buildings, thus providing stable cash flows from the day of acquisition. Lease-back contracts were also signed for the remaining two, but of short duration. When the contracts will expire, the buildings are going to be refurbished and rented out to tenants from the tech and life science sector.