Aeneas Capital Limited (“ACL”) and Pyrinas Real Estate Management Limited (“Pyrinas”), based in Hong Kong, announced on 5/16/19 that they are launching a US$120m innovative closed-ended property fund – Pyrinas US Healthcare Real Estate Fund 1 SP – with a geographical focus on selected cities across North America. Supported by the ecosystem of its affiliated company, Aptorum Group (Nasdaq: APM), the fund’s key investment objective is to acquire and redevelop real estate into shared laboratories and incubator facilities for life science sector start-ups, one of the most vibrant sectors in North America. The fund will focus its investments in primarily four North America mandated cities (namely Cambridge, Boston, Houston, and San Francisco in the United States and Toronto in Canada).
Mr. Matthew Wong, Chief Executive Officer of Pyrinas, commented, “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. 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. We are seeing increasingly robust demand for space by life science companies and start-ups, who are encouraged by the rapidly growing venture capital investment market in North America.”
The fund is targeting a launch size of up to US$120 million with a targeted return of 15-19% 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.
The fund is targeted for institutional and professional investors only and subject to restrictions in certain jurisdictions.