Blackstone to buy BioMed in $8B transaction

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

TRD 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 COO Jonathan Gray and Club Quarters Chicago at 111 W Adams Street (Getty, Google)

Blackstone misses payment on $274M hotel loan

Blackstone misses payment on $274M hotel loan
Blackstone’s Jonathan Gray

TRD Insights: Here’s how much tenants pay for space at Blackstone’s massive industrial portfolio

TRD Insights: Here’s how much tenants pay for space at Blackstone’s massive industrial portfolio
Blackstone’s Jonathan Gray, Starwood Capital Group’s Barry Sternlicht, and Oaktree Capital co-chairman Howard Marks (Getty)

“Phenomenal returns” for some distressed real estate investors in stocks

“Phenomenal returns” for some distressed real estate investors in stocks
Hudson Commons and 444 N. Michigan Ave. 

TRD Insights: Can CLOs recover from the pandemic?

TRD Insights: Can CLOs recover from the pandemic?
Blackstone's president Jonathan Gray and CEO Stephen Schwarzman (Credit: Gray via Drew Angerer/Getty Images; Schwarzman via Himanshu Bhatt/NurPhoto via Getty Images)

Blackstone: “We don’t need financing to get things done”

Blackstone: “We don’t need financing to get things done”
Blackstone’s Jonathan Gray and Starwood Capital Group’s Barry Sternlicht (Credit: Gray by  Drew Angerer/Getty Images; Sternlicht by Cindy Ord/Getty Images for 1 Hotels)

Blackstone, Starwood pick up stakes in Extended Stay America

Blackstone, Starwood pick up stakes in Extended Stay America
Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)

These were the top outer borough loans last month

These were the top outer borough loans last month
Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Blackstone sells office tower at 44 Wall Street for $200M
arrow_forward_ios

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

Loading...