Blackstone Announces $14.6 Billion Recapitalization of BioMed Realty
Blackstone Inc. (BX)
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Blackstone (NYSE: BX) today announced that Blackstone Real Estate Partners VIII L.P. and co-investors have agreed to sell BioMed Realty for $14.6 billion to a group led by existing BioMed investors. This is part of a new long-term, perpetual capital, core+ return strategy managed by Blackstone. BioMed is the largest private owner of life science office buildings in the United States with an 11.3 million square foot portfolio concentrated in the leading innovation markets including Boston/Cambridge, San Francisco, San Diego, Seattle and Cambridge U.K. In connection with the recapitalization, existing BioMed investors were offered the option to exit for cash or reinvest their proceeds from the sale. The investment will generate $6.5 billion of cumulative profits for BREP VIII and BioMed co-investors.BREP VIII, an opportunistic Real Estate investment fund, and co-investors acquired BioMed in January 2016. Since that time, Blackstone has transformed the comp
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