Please reload

Ventas buys Brown University bioresearch campus from Blackstone for $130M

 

Ventas, Inc. has purchased a high-quality life science, research and medical campus in Providence, Rhode Island from affiliates of Blackstone Real Estate Partners VIII L.P.

 

The principal assets of the acquisition are a 269,000 square foot historic renovation of South Street Landing (“SSL”), a building that will be used for academic administration and educational purposes, and an adjacent newly constructed garage, which were purchased for nearly $130 million.

 

SSL is 100 percent leased to Brown University for academic administrative offices and the Nursing Education Center, an initiative between Rhode Island College and University of Rhode Island’s nursing programs.

 

“Brown's approach has been — and will continue to be — to encourage and participate in public-private partnerships that stimulate economic expansion, incubate innovation and bring stakeholders together.”

Tweet this

 

The stunning redevelopment, located on the waterfront of the Providence River, is nearly complete and is expected to be fully occupied by late 2017. It includes advanced medical teaching labs and simulation facilities and enjoys close proximity to Brown University’s Warren Alpert Medical School and award-winning hospitals.

 

The Providence acquisition also includes adjacent sites targeted for development and redevelopment to support the demand from universities and research companies at the campus for life science, medical and innovation purposes. The purchase price for these additional redevelopment and development sites was $21 million. Wexford Science + Technology LLC, the nation’s leading university-focused developer, intends to separately develop a 174-unit student housing residence on the campus for graduate, medical and upper-level nursing students.

 

“The Providence acquisition adds newly developed, state-of-the-art facilities to Ventas’s high-quality life science, medical and innovation center portfolio, expands the Company’s relationships with leading research universities and provides significant opportunities for future growth,” said Ventas Executive Vice President and Chief Investment Officer John Cobb. “With our leading platform in Wexford, we are the premier capital provider for university-based research and medical facilities. We are delighted to support top tier universities like Brown as they drive their research, medical and innovation agendas.”

 

"We are excited that a firm with Ventas’s vision and reputation is investing in an important project that advances the education, infrastructure and workforce development goals of Brown, the city of Providence and the state of Rhode Island,” said Brown University President Christina Paxson. “Brown's approach has been — and will continue to be — to encourage and participate in public-private partnerships that stimulate economic expansion, incubate innovation and bring stakeholders together.”

 

With the addition of the Providence campus, Ventas has completed or committed to over $350 million of follow-on acquisitions and development projects in its attractive university-centered life science, medical and innovation center portfolio.

 

Ventas expects the investment to be accretive to 2017 normalized funds from operations (“FFO”) per share. The impact of the transaction is already reflected in the Company’s 2017 normalized FFO per share guidance range issued in its February 10, 2017 press release. Ventas funded the transaction using cash on hand and other capital sources.

 

Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of approximately 1,300 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, life science and innovation centers, skilled nursing facilities, specialty hospitals and general acute care hospitals. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States.

 

 

Share on Facebook
Share on Twitter
Please reload

Institutional investors slash CRE capital budget by 19%: Report

Ashford REIT invests in 'purification' tech to create allergy-free guestrooms

REIT to build $110M facility to house immigrants rounded up by Trump

Working in style: The corporate campus designed by Frank Lloyd Wright

Hard Rock unveils plans to revamp Trump's failed Atlantic City casino

Food tenants increasingly crucial for shopping centers: Report

Retailer Finer Fields aims to merge bricks and clicks

The Gents Place 'lifestyle club' muscling into new markets

1/2
Please reload

COMMERCIAL REAL ESTATE NEWS & CULTURE

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon
More from Squarefootprint
Further reading

ABOUT USCONTACT • ADVERTISE • ARCHIVE

© 2017 SQUAREFOOTPRINT

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon