SAN DIEGO—Shareholders in BioMed Realty Trust on Thursday theBlackstone Group's $8-billion privatization of the life sciencesREIT. BMR expects the deal to close this coming Tuesday, afterwhich its shares will cease trading on the New York StockExchange.
When the deal with affiliates of Blackstone Real Estate PartnersVIII was announced this past October, BMR's chairman, president andCEO, Alan Gold, commented that although "demand for high-quality,institutional real estate to support the unprecedented growth ofthe life science industry is at historic levels," the companybelieved "the public markets are not adequately valuing our assetsand proven business model. Entering into this transaction withBlackstone fulfills our Board of Directors' mission to maximizestockholder value."
News of the Blackstone deal came just two weeks after BloombergBusiness reported that BMR was exploring a sale. The all-cashBlackstone acquisition at $23.75 per share represents a 24% premiumon the REIT's price the day before the Bloomberg story waspublished.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
