BALTIMORE-BioMed Realty Trust in San Diego and Wexford Science & Technology Trust have completed the merger that they first announced, as we reported, in March. The deal adds some 1.6 million square feet to BioMed Realty's footprint and 935,000 square feet of development projects.
When the deal was first announced it was valued at $640 million. At closing the value was upsized a bit to $672 million, to account for additional construction and development costs incurred since the deal was first announced, as well as the value of the common stock and operating partnership units issued. BioMed issued some 5.9 million shares of common stock and operating partnership units to the sellers at closing. BioMed is assuming some $192 million in debt at fair value net of restricted cash reserves.
James Berens will continue to lead Wexford Science & Technology as its president.
The deal will likely create a firm "that could become an even more dominant player in the bioscience space," Murray W. Wolf, publisher and founder of Healthcare Real Estate Insights, wrote for GlobeSt.com recently. "And that could make it more difficult for HCP, HCN and other investors to compete for bioscience development and investment opportunities in the future."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
