BioMed Realty Trust Expands San Diego Portfolio
- Jun 20, 2012
BioMed Realty Trust, Inc. has acquired two parcels of land totaling 28 acres in San Diego for approximately $47 million, excluding transaction costs. The locally based company announced that it has leased the two sites to Advanced BioHealing, Inc., a subsidiary of Shire plc, in a long term deal. Advanced BioHealing plans to construct, starting next year, over 150,000 square feet of office, warehouse, laboratory and manufacturing facilities. Future development could take place at the site located between Alere, Inc. and the Scripps Proton Therapy Center, as it can accommodate an expansion of up to a total of 800,000 square feet.
The announcements confirm the company’s commitment to invest in the San Diego market. As previously reported by Commercial Property Executive, BioMed Realty Turst started raising funds in November 2011 through a stock offering in order to purchase additional life science properties in San Diego and six other markets across the country. The REIT set the share prices at $17.92 for almost 22.6 million shares which were previously sold to UBS Investment Bank, the underwriter on the offering. Alan Gold, chairman and CEO, said at the time that the funds will be used to make a partial payment of the $750 million credit line and maintain a $600 million acquisition fund.
According to Kevin Rakin, Shire’s Regenerative Medicine President, “This new campus will give us the flexibility and increased capacity we need to develop and manufacture new regenerative medicine therapies and build our foundation for continued growth in this exciting field.”
BioMed has a portfolio valued at $12 billion, with over 12.4 million square feet of buildings across the country; 1.9 million square feet are located in San Diego.
Illustration Courtesy of: www.biomedrealty.com