SAN DIEGO, Nov. 8, 2004 (PRIMEZONE) -- BioMed Realty Trust, Inc. (NYSE:BMR) today announced it has acquired the San Diego Science Center for approximately $29.8 million in cash.
San Diego Science Center, a multi-tenant, recently renovated property containing 105,364 rentable square feet of laboratory and office space, is located in the Mission Bay area of San Diego. The acquisition was funded with net proceeds of the company's initial public offering in August and borrowings under the company's revolving credit facility. BioMed Realty also acquired an option to purchase an adjoining parcel, following completion by the seller of a laboratory and office facility.
Separately, the company announced it has entered into an agreement to acquire Ardentech Court, a property located in the Ardenwood Technology Park in Fremont, California, for approximately $5.6 million of cash and the assumption of approximately $4.9 million of debt. The property contains 55,442 rentable square feet of laboratory and office space, and is fully leased by Vicuron Pharmaceuticals (Nasdaq: MICU). The acquisition is expected to close in November 2004.
"The addition of these two properties will increase BioMed's total portfolio to 15 properties with an aggregate of 2.5 million rentable square feet. It complements the company's ongoing focus of capitalizing on the tremendous opportunities within the underserved and fragmented life science industry. We look forward to further expanding our portfolio and serving our life science tenants," said Alan D. Gold, president and chief executive officer of BioMed Realty Trust.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is focused on acquiring, owning, leasing, managing and selectively developing laboratory and office space for lease to life science tenants. Tenants include biotechnology and pharmaceutical companies, scientific research institutes, government agencies, physician groups and other entities involved in the life science industry. The company targets properties located in markets with established reputations as centers for scientific research, including San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York/New Jersey and Boston.
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 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 California region; 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. 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.