LLC is acting as lead financial advisor to BioMed, while Raymond James & Associates, Inc.is also acting as a financial advisor in connection with this transaction. KeyBanc cut Biomed Realty Trust from an “overweight” rating to a “sector weight” rating in a research report on Thursday.
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Biomed Realty Trust Inc(NYSE:BMR) reported that it has entered into a definitive contract with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone will acquire all outstanding shares of common stock of BioMed Realty for $23.75 per share in an all-cash transaction valued at $8 billion. Finally, TheStreet lowered Biomed Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, July 29th.
Biomed Realty Trust (NYSE:BMR) traded down 0.09% during midday trading on Friday, reaching $23.43. The stock has a market cap of $9.39 billion and a P/E ratio of 34.16. Its fifty two week range was $17.94-$25.11. The firm’s 50-day moving average is $30.58 and its 200-day moving average is $32.39.
Digital Realty Trust (NYSE:DLR) last released its quarterly earnings results on Thursday, July 30th. While the equity REITs rebounded in September, pushing the FTSE NAREIT All Equity REITs Index up 2.13 percent for the month and almost 1 percent for the quarter, the year-to-date figures show a nine-month loss of 4.51 percent.
The deal, which is expected to close in the first quarter of 2016, is subject to customary closing conditions, according to the press release. The shares were sold at an average price of $29.03, for a total value of $29,030.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
The transaction was unanimously approved by BioMed’s board of directors.
Speaking of the offer, BioMed chief executive Alan Gold, said that the demand for good institutional real estate to support unexpected growth of the life science industry is at its highest level.
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BioMed’s tenants include life science and biotech companies. Its properties are located in markets used as centers for scientific research, including Boston, San Francisco, San Diego, Maryland, New York/New Jersey, Pennsylvania, North Carolina, Seattle in the United States, and Cambridge in the United Kingdom. As of December 31, 2013, the Company owned or had interests in properties comprising approximately 16.3 million rentable square feet.
