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Alexandria Real Estate Equities sets up commercial paper notes program

Alexandria Real Estate Equities Inc. launched a commercial paper program under which the urban office real estate investment trust may issue unsecured notes with an outstanding amount of up to $750 million at a time.

The REIT said any net proceeds would go toward working capital and other general corporate functions, including debt repayment and property redevelopments or acquisitions. It would use its revolving credit facilities as liquidity backstops for borrowings under the program. Available amounts under the program may be borrowed, repaid and re-borrowed from time to time, according to a filing.

Separately, Alexandria said it was chosen by Stanford University to redevelop the 92,000-rentable-square-foot site at 3160 Porter Drive in Stanford Research Park in Palo Alto, Calif., which the REIT recently acquired.

Alexandria will convert the site into an innovation center called Alexandria LaunchLabs at Stanford Research Park, which is projected to open during the first half of 2021. The REIT noted that the platform will provide member life-sciences startups with office/laboratory space, mentorship and access to strategic investment capital through its seed-stage funding model, Alexandria Seed Capital Platform.