Leading life-sciences industry real estate provider BioMed Realty (NYSE: BMR) said yesterday it had completed its previously announced acquisition of Wexford Science & Technology, a privately held real estate investment and development company that specializes in state-of-the-art research facilities located near leading academic, medical, and research institution campuses.
The original purchase price was listed at $640 million, but the final tally increased to $672 million because of additional construction and development costs that were incurred after the deal was announced in March, the company said. BioMed is also assuming approximately $192 million in debt at fair value, net of restricted cash reserves, and issued approximately 5.9 million shares of common stock and operating partnership units to the sellers at the close.
BioMed Realty CEO Alan D. Gold said: "The Wexford team developed the highly successful model for university development and brings a wealth of expertise, creativity and relationships in meeting the real estate needs of the academic and medical research communities."
To that end, Wexford President James Berens will continue to lead the company with the same title.
Goldman, Sachs acted as financial advisor to the primary shareholder of Wexford Science & Technology while Morgan Stanley acted as financial advisor to BioMed Realty. Stifel Financial acted as financial advisor to Wexford Science & Technology.
