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Blackstone Inks $8B Deal For Healthcare REIT Biomed

In one of the biggest REIT privatizations planned so far this year, BioMed Realty Trust Inc., has agreed to be acquired by Blackstone Real Estate Partners VIII in an all-cash deal valued at $8 billion. Earnings per share came in at 20 cents, slightly ahead of the 19 cents per share for the same period a year ago.

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Biomed Realty Trust (NYSE:BMR): On Monday heightened volatility was witnessed in Biomed Realty Trust (NYSE:BMR) which led to swings in the share price. Stifel Nicolaus boosted their price objective on shares of Digital Realty Trust from $73.00 to $76.00 and gave the stock a buy rating in a research report on Wednesday, July 15th. That’s about 24 percent more than BioMed’s closing share price on September 22, the day before Bloomberg reported that the San Diego-based real estate investment trust was working with Morgan Stanley to explore a sale.

“Demand for high-quality, institutional real estate to support the unprecedented growth of the life science industry is at historic levels as demand is outpacing supply in all our core innovation districts”, said Alan Gold, BioMed chairman, president & CEO, in a statement. Eastdil Secured Group of Wells Fargo & Co., Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. advised Blackstone, while Simpson Thacher & Bartlett LLP provided legal advice.

Blackstone’s real-estate business was founded in 1991 and has more than $91 billion in investor capital under management.

BioMed, which owns office buildings catering to pharma and biotech companies, has interests in properties comprising about 18.8 million rentable square feet.

The US dollar traded lower against all of the major currencies after the FOMC minutes revealed the Fed’s logic for keeping interest rates unchanged in September. The Company’s tenants chiefly contain pharmaceutical and biotechnology companies, government agencies, scientific research institutions as well as other things associated with the life science industry. BX settled up 2.7 percent at $34.70. The 52-week high of the share price is $25.11 and the company has a market cap of $4,322 million.

Blackstone to buy Bio Med in B transaction

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