BioMed to Acquire UK's Granta Park for $196 Million

   By Nathalie Tadena 
 

BioMed Realty Trust Inc. (BMR) has agreed to acquire Granta Park, a life-science research park in Cambridge, England, for approximately 126.8 million pounds, or $196 million, as the real-estate investment trust continues to grow its portfolio in large research markets.

"The Cambridge market enjoys all of the critical elements that mark a strong, self-sustaining life science cluster: proximity to premier academic and research institutions, a highly skilled work force, access to financial partners, and a healthy portfolio of strong commercial life science organizations," said Chairman and Chief Executive Alan D. Gold.

Granta Park comprises 11 laboratory and office buildings and approximately 472,000 square feet of space. Granta Park is fully leased to 11 tenants, including Gilead Sciences Inc. (GILD) and Pharmaceutical Product Development Inc. (PPDI). The new investment will also expand BioMed's current tenant relationships with Pfizer Inc. (PFE) and AstraZeneca PLC's (AZN, AZN.LN) MedImmune.

BioMed, a REIT focused on the life-science industry, last month reported it swung to a first-quarter loss as the company booked an impairment charge, though revenue rose 14% to its highest level in the company's history.

BioMed's shares closed at $17.84 Monday and were unchanged after hours. The stock is off 6.3% over the past 12 months.

-Write to Nathalie Tadena at [e-mail]