Business

BioMed selling to Blackstone for $8 billion

Posted October 08, 2015 7:00 am

The Associated Press

NEW YORK (AP) - Blackstone Real Estate Partners is buying BioMed Realty Trust Inc. in an all-cash deal valued at $8 billion.

The deal, for $23.75 per share, marks a 10 percent premium to BioMed's closing price on Wednesday.

San Diego's BioMed, which owns properties in the drug development and life sciences industries, said Thursday that its board of directors approved the deal. The companies expect to close the acquisition in the first quarter of next year.

BioMed CEO Alan D. Gold said demand is outpacing supply for real estate to support a growing life sciences industry and that the sale helps maximize the company's value. Blackstone was drawn to BioMed because of the company's holdings in key life sciences markets like Boston, San Francisco and Seattle.

"We believe in the long-term fundamentals of this sector, particularly in locations with top-tier educational and research institutions," said Nadeem Meghji, co-head of U.S. real estate acquisitions for Blackstone. "

Article Comments

Article Categories
Business Content Providers Nation and World News

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.