BioMed Agrees To Pay $640M For Wexford Portfolio

BioMed Realty Trust, Inc. has entered into a definitive merger agreement to acquire Baltimore-based Wexford Science & Technology, LLC for $640 million.
As part of the merger, BioMed will acquire a portfolio of properties totaling 1.6 million square feet of lab and office space, including the University of Miami Life Science & Tehnology Park (pictured at right). In addition to Miami, the properties are located in educational and research centers in Baltimore, Chicago, Philadelphia, St. Louis and Winston-Salem.
As of December 31, 2012, these properties were 86 percent leased. The cost of these properties is $551 million.
The acquisition also includes three properties that are currently under construction and that are expected to comprise approximately 935,000 square feet of rentable space upon completion, as well as other pipeline projects. These properties sold for $89 million.
The consideration payable at closing includes $169 million in assumed debt, $133 million payable in common equity of the company and the balance payable in cash.
The acquisition of the Wexford Portfolio is expected to close in the third quarter of 2013.