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.
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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