Blackstone to buy BioMed in $8B transaction

San Diego-based REIT's portfolio includes 115 buildings nationwide

New York /
Oct.October 08, 2015 08:30 AM

Blackstone Group’s real estate division is taking another massive bet, this time on property linked to the U.S. biotechnology sector.

The private equity firm will snap up BioMed Realty Trust in a stock transaction worth a staggering $8 billion.

Blackstone will pay $23.75 a share for the San Diego-based REIT, a 24 percent premium on its pre-deal share price. 

BioMed controls a portfolio of 115 medical office and laboratory buildings, primarily concentrated around Boston, San Francisco, San Diego and Seattle, according to Real Capital Analytics.

“We believe in the long-term fundamentals of this sector, particularly in locations with top-tier educational and research institutions,” said Nadeem Meghji, Blackstone’s co-head of US real estate acquisitions, in a statement.

Blackstone has been on a buying tear as of late. Last month, it picked up Strategic Hotels and Resorts‘s 18-property portfolio for $6 billion. And in August, the firm partnered with RXR Realty to buy the Helmsley Building at 230 Park Avenue in Midtown for $1.2 billion.

The Real Deal recently profiled the company, questioning whether its remarkable real estate success would continue. – Ariel Stulberg


Related Articles

arrow_forward_ios
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone’s Jon Gray (Getty)
There’s “lots of runway in real estate”: Blackstone’s Jon Gray
There’s “lots of runway in real estate”: Blackstone’s Jon Gray
Blackstone CEO Stephen Schwarzman, and Starwood CEO Barry Sternlicht (Getty)
Blackstone, Starwood strike $6B deal for Extended Stay America
Blackstone, Starwood strike $6B deal for Extended Stay America
345 Park Avenue and Blackstone President Jonathan Gray (Google Maps, Twitter)
Blackstone expands Manhattan HQ
Blackstone expands Manhattan HQ
Photo Illustration of Blackstone's Jonathan Gray (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
How Blackstone’s Jon Gray undercut his UK counterpart
How Blackstone’s Jon Gray undercut his UK counterpart
Photo Illustration of BioMed Realty CEO Tim Schoen and Alexandria Real Estate Equities CEO Joel S Marcus. (Getty, BioMed)
Life sciences boom continues with 36M sf in works
Life sciences boom continues with 36M sf in works
From left: Flex’s Shragie Lichtenstein; Piñata’s Lily Liu; NestEgg’s Eachan Fletcher; and Till’s David Sullivan
These startups want to guarantee your rent
These startups want to guarantee your rent
Blackstone president Jon Gray (Photo via YouTube)
Blackstone’s quarantine-themed holiday video stars sanitizer, sourdough starter and Santa
Blackstone’s quarantine-themed holiday video stars sanitizer, sourdough starter and Santa
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...