Blackstone's BioMed to Invest $1.2 Billion in New UK Labs

   By Joshua Kirby

U.S. real-estate investment company BioMed Realty said Tuesday that it plans to significantly increase its laboratory space in the U.K. after acquiring two sites in the city of Cambridge.

The Blackstone Inc. portfolio company, which specializes in real estate for the life-science and technology industries, said it plans to build some 800,000 square feet of lab space at the 15-acre Cambridge International Technology Park and another 27-acre site at Granta Park. The company didn't disclose the financial details of the acquisitions, from developer Abstract Securities and the Welding Institute, respectively, but said the overall investment will total around 850 million pounds ($1.16 billion).

The plan will double BioMed's current life-sciences real estate in Cambridge and create up to 2,700 jobs, the company said, adding that the new sites remain subject to planning approval.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

September 21, 2021 02:44 ET (06:44 GMT)

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