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BioMed, Wexford Close Deal at $672M

BALTIMORE-The deal adds some 1.6 million square feet to BioMed Realty's footprint and 935,000 square feet of development projects.

By Erika Morphy | Updated on June 03, 2013

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.

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