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Blackstone closes $3.4B lab office portfolio buy, secures deal with Ventas


According to Market Intelligence, December 2022


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Blackstone closes $3.4B lab office portfolio buy, secures deal with Ventas

Blackstone Group Inc.'s perpetual life sciences investment strategy finalized its $3.4 billion deal to purchase a portfolio of 2.3 million square feet of laboratory office buildings from a Brookfield Asset Management Inc. real estate fund.

Simultaneously, the private equity giant agreed to sell a pair of life science properties affiliated with Johns Hopkins Medicine Inc. to healthcare real estate investment trust Ventas Inc., and 97% of the portfolio, pro forma for the sale, is concentrated in Cambridge, Mass.

Blackstone Property Partners Life Sciences owns BioMed Realty Trust Inc., the private equity giant's life science real estate portfolio company that has an estimated enterprise value of about $20 billion following the Brookfield deal.

Citigroup Global Markets Inc. provided financial advisory services to Brookfield.

Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were financial advisers to Blackstone, and Simpson Thacher & Bartlett LLP was its legal adviser.

Eastdil Secured was lead financial adviser to Brookfield, while Skadden Arps Slate Meagher & Flom LLP was its legal adviser.