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Deals & Dealmakers

Blackstone affiliate trades $1.5B life sciences portfolio

Ventas, Inc. is in contract to buy the 4.1 million square feet life science and medical real estate assets of Wexford Science & Technology, from affiliates of Blackstone Real Estate Partners for $1.5 billion.

The acquisition will add a related business line to Ventas’s portfolio with 25 class-A assets that are leased by leading universities, academic medical centers and research companies, including Yale University, the University of Pennsylvania Health System, Washington University in St. Louis, Wake Forest University and Alexion Pharmaceuticals, Inc.

The Wexford portfolio includes 23 operating properties that contain 4.1 million square feet, are 97 percent leased and derive 73 percent of revenue from excellent credit tenants, including 11 universities, investment grade companies and public companies.
It also includes two development assets encompassing approximately 400,000 s/f, that are nearly 60 percent pre-leased and affiliated with Duke University and Wake Forest University.

Wexford's Bailey Power Plant redevelopment project
Wexford’s Bailey Power Plant redevelopment project

The company is also acquiring nine development sites principally contiguous to existing assets.

As part of the acquisition, Ventas will enter into a long-term management and pipeline agreement with Wexford, whereby Ventas will own the existing real estate portfolio, Ventas will have exclusive rights to jointly develop future projects with Wexford, and Wexford will continue to manage the portfolio.

Kirkland & Ellis LLP represented Ventas in the transaction. J.P. Morgan Securities LLC acted as financial advisor to Ventas; Eastdil Secured group of Wells Fargo Securities LLC acted as financial advisor to Blackstone and Simpson Thacher & Bartlett LLP acted as its legal counsel.

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