Blackstone to pay $3.45 billion to Brookfield Asset management to buy lab office buildings

Daily Updates


Blackstone Group Inc.
BX,
+0.36%

announced Monday a deal to buy lab office buildings from Brookfield Asset Management Inc.
BAM,
+0.89%

for $3.45 billion. Blackstone said about 90% of the office space being acquired is located in Cambridge, Massachusetts. The deal, which is expected to close in the first quarter of 2021, will make Blackstone the largest life science office owner in Cambridge. “This transaction illustrates Blackstone’s continued conviction in the life sciences space both broadly, and within real estate, investing in best-in-class assets located adjacent to top-tier research and education institutions,” said Nadeem Meghji, head of real estate Americas for Blackstone. Shares of Brookfield edged up 0.3% in premarket trading and Blackstone gained 1.6%, while futures
ES00,
+0.72%

for the S&P 500
SPX,
+0.59%

tacked on 0.7%.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *