SAN DIEGO, Oct. 31 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has acquired two properties, a research
laboratory facility located in Bristol, Pennsylvania, as well as the U.S.
corporate headquarters of Uniqema in New Castle, Delaware.
The 71,500 square-foot facility located in the Bridge Business Center in
Bristol was purchased for approximately $14.9 million in cash, and is fully
leased to Rhodia, Inc., a public global specialty chemicals company. The
59,800 square-foot Uniqema property, located at 1000 Uniqema Boulevard in New
Castle, was acquired for approximately $15.5 million in cash and is fully
leased to Uniqema, a subsidiary of publicly traded Imperial Chemical
Industries plc, focused on developing technologies to improve the performance
and value of consumer products.
BioMed also entered into an agreement to acquire the adjacent property
located at 900 Uniqema Boulevard, consisting of an approximately 11,200
square-foot laboratory facility that is fully leased to Uniqema. The
acquisition, which is expected to close during the fourth quarter, remains
subject to customary closing conditions, including the assumption of an
existing mortgage loan on the property.
"These transactions further exemplify our focus on providing real estate
to the life science industry, and our stated growth strategy. We are gaining
both a stronger footprint in the important Pennsylvania market and adding two
solid global companies to our tenant base. We continue to execute on
acquisitions within our targeted range of 9 to 11 percent cap rates, and are
encouraged by the healthy pipeline that we have exposure to," said Alan D.
Gold, president and chief executive officer of BioMed Realty Trust.
The acquisitions of the Bridge Business Center building and 1000 Uniqema
Boulevard increase BioMed's real estate portfolio to 37 properties,
representing 60 buildings with approximately 4.5 million rentable square feet
in all of the major life science markets in the United States.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused
on acquiring, developing, owning, leasing and managing laboratory and office
space for the life science industry. The company's tenants include
biotechnology and pharmaceutical companies, scientific research institutions,
government agencies and other entities involved in the life science industry,
and its current properties and primary acquisition targets are located in
markets with well established reputations as centers for scientific research,
including Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania
and New York/New Jersey. Additional information is available at
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: 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 Boston or California regions; risks associated with the availability and
terms of financing and the use of debt to fund acquisitions and developments;
failure to manage effectively the company's growth and expansion into new
markets, or to complete or integrate acquisitions successfully; risks and
uncertainties affecting property development and construction; risks
associated with downturns in the national and local economies, increases in
interest 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. 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.
CONTACT: John F. Wilson, II, Chief Financial Officer of BioMed Realty
Trust, Inc., +1-858-485-9840
Web site: http://www.biomedrealty.com
10/31/2005 05:00 EDT http://www.prnewswire.com