Company To Redeploy Capital Into Growing Core Innovation Markets
SAN DIEGO--(BUSINESS WIRE)--May 29, 2015--
BioMed Realty Trust, Inc. (NYSE: BMR) announced today the completion of
the sale of its property at 145 King of Prussia Road in Radnor, PA to
Penn Medicine for $35 million.
This deal will allow Penn Medicine to develop its own plan for the site
in partnership with the Radnor Township. The transaction will result in
an approximate $32 million impairment loss, which the company will
record in the second quarter.
“The transaction is part of our broader plan designed to free up capital
and personnel that can be redeployed into our other growing core
innovation markets while providing one of our important university
partners the opportunity to create something special in Radnor,” said
Greg Lubushkin, Chief Financial Officer at BioMed Realty.
About BioMed Realty Trust
BioMed Realty, with its trusted expertise and valuable relationships,
delivers optimal real estate solutions for biotechnology and
pharmaceutical companies, scientific research institutions, government
agencies and other entities involved in the life science industry.
BioMed Realty owns or has interests in properties comprising
approximately 18.0 million rentable square feet. Additional information
is available at www.biomedrealty.com.
Follow us on Twitter @biomedrealty.
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:
adverse economic or real estate developments in the life science
industry or the company’s target markets; and 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). 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150529006084/en/
Source: BioMed Realty Trust, Inc.
Vice President, Marketing