SAN DIEGO, June 11, 2012 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: [ BMR ]) today announced that it has entered into a definitive agreement to acquire Granta Park, comprising eleven laboratory and office buildings and a total of approximately 472,200 square feet of space, as well as approximately 138,400 square feet of development and expansion rights, in Cambridge, United Kingdom. The purchase price for the property is 126.8 million pounds, or approximately $196.0 million, excluding transaction costs.

Granta Park is fully leased to a diversified roster of eleven tenants, including global pharmaceutical and biotechnology organizations, with an average remaining lease term of more than eight years. With this new investment, the company will expand current tenant relationships with MedImmune (and parent company AstraZeneca), which will become the company's eleventh largest tenant, and Pfizer. In addition, this premier life science research park is home to new tenants Gilead Sciences, Pharmaceutical Product Development, UCB, and Vernalis. The company estimates the annual cash net operating income for the Granta Park investment to be approximately 10.2 million pounds ($15.8 million).

The Cambridge, United Kingdom research community is anchored by the University of Cambridge, established in 1209, with 20% of the world's Nobel Prize recipients in medicine and chemistry and the recipient of over 280 million pounds in research grants in 2011. This Cambridge science cluster supports over 1,000 science and technology companies, the Wellcome Trust, the largest medical research charitable organization in the world, Cavendish Laboratory, and the Babraham Institute.

Commenting on the new investment, Alan D. Gold, Chairman and Chief Executive Officer, said, "We are extremely pleased and excited to announce our expansion of BioMed Realty's best-in-class property portfolio with this investment in Cambridge, the premier life science cluster in the United Kingdom and arguably all of Europe. 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."

Kent Griffin, President of BioMed Realty, remarked, "This investment demonstrates the robust nature of our fully-integrated operating platform and our ability to leverage BioMed Realty's particular skill and expertise in life science real estate for the benefit of our shareholders. Granta Park is an excellent investment opportunity with very attractive return potential consistent with our core business strategy – focused on highest-quality real estate in core life science clusters and in close proximity to primary demand drivers, including leading research institutions. This recently developed, amenity-rich, eleven-building campus has attracted world-renowned life science research organizations and includes additional development potential, enabling us to support their continued growth and expansion going forward."

The acquisition is subject to the satisfaction of customary closing conditions, and BioMed Realty can offer no assurances that the acquisition will close on the terms described herein, or at all. The company anticipates incurring transaction costs of approximately $12 million, including transfer taxes, brokerage commissions and legal, tax and advisory fees. Latham & Watkins and Ernst & Young provided legal and tax advisory services, respectively. These transaction expenses will be reflected as transaction costs in the second quarter of 2012.

The company expects to provide revised 2012 earnings and FFO guidance in its second quarter 2012 earnings press release that incorporates the estimated impact of this transaction. U.S. dollar values are based on the exchange rate in effect as of June 8, 2012.

About BioMed Realty Trust

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed owns or has interests in properties comprising approximately 12.5 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, Maryland, San Diego, New York/New Jersey, Pennsylvania and Seattle, which have well-established reputations as centers for scientific research. Additional information is available at [ www.biomedrealty.com ].

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: the possibility that the company's acquisition of Granta Park may not occur on the terms described herein, or at all; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully, including the proposed acquisition of Granta Park; the company's ability to meet projected yields on acquired properties, including Granta Park; ownership of properties outside of the United States, including the proposed acquisition of Granta Park, that subject the company to different and potentially greater risks than those associated with the company's domestic operations; general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the life science industry or the company's target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to maintain the company's investment grade credit ratings with the ratings agencies; reductions in asset valuations and related impairment charges; risks and uncertainties affecting property development and construction; risks associated with downturns in foreign, domestic and local economies, changes in interest rates and foreign currency exchange rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with the company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE BioMed Realty Trust, Inc.

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Biomed Realty To Acquire Granta Park In Cambridge, UK For 126.8 Million Pounds Sterling

Biomed Realty To Acquire Granta Park In Cambridge, UK For 126.8 Million Pounds Sterling

Premier life science research park includes eleven buildings encompassing 472,200 square feet