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Blackstone Real Estate announces the acquisition of the Brookfield Fund Fund's Premier Lab Office Portfolio

businesswire | December 14, 2020

Blackstone (NYSE: BX) today declared that Blackstone Property Partners Life Sciences ("BPPLS") will obtain a best‐in‐class, 2.3 million square foot arrangement of lab places of business from a Brookfield Asset Management land reserve for $3.45 billion. BPPLS is Blackstone Real Estate's long haul, ceaseless capital, core+ return life sciences procedure that claims BioMed Realty, Blackstone's life science land portfolio organization. The exchange is relied upon to shut in the main quarter of 2021 subject to standard shutting conditions.

Around 90% of the portfolio being procured is gathered in Cambridge, Massachusetts. Following the consummation of the exchange, Blackstone will turn into the biggest life science office proprietor in Cambridge, and BioMed Realty, which will have an undertaking estimation of roughly $20 billion, will have 66% of its foundation packed in the Boston/Cambridge market. Cambridge is one of the quickest developing lab office submarkets in the nation because of its nearness world-driving scholastic establishments and the biggest bunch of drug organizations in the U.S. The Cambridge portfolio is situated in East Cambridge, straightforwardly adjoining the Massachusetts Institute of Technology, and is rented to blue-chip occupants.

“This transaction illustrates Blackstone’s continued conviction in the life sciences space both broadly, and within real estate, investing in best-in-class assets located adjacent to top-tier research and education institutions,” said Nadeem Meghji, Head of Real Estate Americas. “We look forward to continuing to grow the platform with the help of BioMed Realty, our world-class life science office platform, with the goal of delivering value to our long-term investors.”

This procurement follows various other critical Blackstone interests in treatments and advancements in the existence sciences space past the company's interests in land. The firm dispatched Blackstone Life Sciences in 2018 to put straightforwardly in promising meds and innovations. In July, Blackstone raised the biggest life sciences private asset to date, and the firm has additionally made significant interests in Cryoport, a main supplier of temperature-controlled coordinations answers for the existence sciences industry, and Precision Medicine Group, a main cutting edge supplier of medication improvement and commercialization administrations.

Deutsche Bank Securities Inc., Morgan Stanley and Co. LLC and Wells Fargo Securities LLC are filling in as monetary counsels to Blackstone, and Simpson Thacher and Bartlett LLP is filling in as lawful guide. Eastdil Secured is filling in as lead monetary guide to Brookfield, and Skadden, Arps, Slate, Meagher and Flom LLP is filling in as lawful counsel. Citigroup Global Markets Inc. likewise offered monetary warning types of assistance to Brookfield regarding the exchange.

About Blackstone Real Estate

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $174 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

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