Ernesto Bertarelli, a Swiss-Italian pharmaceuticals billionaire, will seed the launch of a private equity real estate firm with $824 million, Financial Times reports. Crosstree Real Estate Partners will head the investment strategy. With debt, the property portfolio is likely to reach $1.64 billion. Crosstree will be launched next month by Nick Lyle, former head of Blackstone’s U.K. business, and Sean Arnold, who led the European operations of Starwood Capital. It will invest across all sectors of real estate in the U.K., ranging from private equity-style, higher return deals to safer but lower yielding institutional property.

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