By Nathalie Tadena
BioMed Realty Trust Inc. (BMR) has agreed to acquire Granta
Park, a life-science research park in Cambridge, England, for
approximately 126.8 million pounds, or $196 million, as the
real-estate investment trust continues to grow its portfolio in
large research markets.
"The Cambridge market enjoys all of the critical elements that
mark a strong, self-sustaining life science cluster: proximity to
premier academic and research institutions, a highly skilled work
force, access to financial partners, and a healthy portfolio of
strong commercial life science organizations," said Chairman and
Chief Executive Alan D. Gold.
Granta Park comprises 11 laboratory and office buildings and
approximately 472,000 square feet of space. Granta Park is fully
leased to 11 tenants, including Gilead Sciences Inc. (GILD) and
Pharmaceutical Product Development Inc. (PPDI). The new investment
will also expand BioMed's current tenant relationships with Pfizer
Inc. (PFE) and AstraZeneca PLC's (AZN, AZN.LN) MedImmune.
BioMed, a REIT focused on the life-science industry, last month
reported it swung to a first-quarter loss as the company booked an
impairment charge, though revenue rose 14% to its highest level in
the company's history.
BioMed's shares closed at $17.84 Monday and were unchanged after
hours. The stock is off 6.3% over the past 12 months.
-Write to Nathalie Tadena at nathalie.tadena@dowjones.com