Blackstone Real Estate Completes Acquisition of Premier Lab Office Portfolio from Brookfield Fund
March 12 2021 - 3:00PM
Business Wire
Blackstone (NYSE: BX) today announced that Blackstone Property
Partners Life Sciences (“BPP Life Sciences”) has completed its
previously announced acquisition of a best‐in‐class, 2.3 million
square foot portfolio of lab office buildings from a Brookfield
Asset Management real estate fund for $3.4 billion. BPP Life
Sciences is Blackstone Real Estate’s long-term, perpetual capital,
core+ return life sciences strategy. BPP Life Sciences owns BioMed
Realty, Blackstone’s life science real estate portfolio
company.
Concurrent with close, Blackstone executed upon the sale of two
life sciences assets affiliated with Johns Hopkins Medicine to
Ventas, Inc. Pro forma for the sale, 97% of the portfolio is
concentrated in Cambridge, Massachusetts. Two thirds of BioMed
Realty’s platform, which has an enterprise value of approximately
$20 billion, is concentrated in the Boston/Cambridge market, one of
the fastest growing lab office submarkets in the country due to its
adjacency to world-leading academic institutions and the largest
cluster of pharmaceutical companies in the U.S.
Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and
Wells Fargo Securities LLC served as financial advisors to
Blackstone, and Simpson Thacher & Bartlett LLP served as legal
advisor. Eastdil Secured served as lead financial advisor to
Brookfield, and Skadden, Arps, Slate, Meagher & Flom LLP served
as legal advisor. Citigroup Global Markets Inc. also provided
financial advisory services to Brookfield in connection with the
transaction.
The transaction was announced on December 14, 2020.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing.
Blackstone’s real estate business was founded in 1991 and has $187
billion of investor capital under management. Blackstone is one of
the largest property owners in the world, owning and operating
assets across every major geography and sector, including
logistics, multifamily and single-family housing, office,
hospitality and retail. Our opportunistic funds seek to acquire
undermanaged, well-located assets across the world. Blackstone’s
Core+ strategy invests in substantially stabilized real estate
globally through regional open-ended funds focused on high-quality
assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a
non-listed REIT that invests in U.S. income-generating assets.
Blackstone Real Estate also operates one of the leading global real
estate debt businesses, providing comprehensive financing solutions
across the capital structure and risk spectrum, including
management of Blackstone Mortgage Trust (NYSE: BXMT).
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version on businesswire.com: https://www.businesswire.com/news/home/20210312005478/en/
Ilana Mouritzen Ilana.Mouritzen@Blackstone.com Tel: (212)
583-5776
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