Brookfield looks to sell life-sciences portfolio for $3B

Biotech sector hasn’t been hit as hard by work from home shift

Broookfield's Bruce Flatt (Brookfield, iStock)
Broookfield's Bruce Flatt (Brookfield, iStock)

Brookfield Asset Management is looking to sell its life-sciences real estate portfolio for roughly $3 billion.

The investment giant is working with advisers to market the 2.3 million-square-foot portfolio, Bloomberg reported. Brookfield acquired the properties through its 2018 acquisition of Forest City Realty Trust.

The offer comes as Blackstone Group last week agreed to recapitalize a portfolio of life-science buildings for $14.6 billion. The transaction will generate $6.5 billion in profits, four years after Blackstone made its investment.

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The life-sciences industry has significant barriers to working from home, which has helped stabilize property values. Alexandria Real Estate Equities, one of the largest owners of such properties, has weathered the pandemic relatively well. Shares of the company’s stock have fallen 2 percent this year, compared to a drop of 14.6 percent for the Bloomberg U.S. REIT Index. [Bloomberg] — Rich Bockmann