KKR is investing $475m (€426.9m) for a 49% stake in an entity owning a nearly 2m sqft life science campus held by US real estate investment trust Alexandria Real Estate Equities, as part of a newly created partnership between the two firms.
The global investment company said it has acquired the interest in the NYSE-listed firm’s Campus Point by Alexandria Megacampus in San Diego, California, giving it a 28.5% indirect ownership in the underlying joint venture.
Campus Point is located in San Diego’s University Town Center submarket, adjacent to the University of California San Diego.
Sam Caven, co-head of acquisitions, Americas at KKR, said: “Alexandria has built a premier Megacampus at Campus Point, supported by an exceptional tenant base and long-term contractual cash flows. We are excited to collaborate with their team to support its continued development and drive long-term value.”
Peter Moglia, Alexandria Real Estate Equities CEO and CIO, said: “This transaction marks an important step in our efforts to optimise our capital structure and unlock value across our portfolio.
“Our strategic partnership with KKR demonstrates the attractiveness of our high-quality assets to leading institutional investors and provides a flexible, long-term source of capital to support our continued investment in our Campus Point Megacampus.”
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