BioMed Realty Trust Announces Sale of $404 Million in Common StockTuesday, November 15, 2011
San Diego-based BioMed Realty Trust Inc., which invests in life science-related real estate, announced Nov. 14 that it has sold common stock valued at approximately $404.3 million to UBS Investment Bank.
A company statement said New York-based UBS was the sole underwriter for the public offering of just over 22.5 million shares at $17.92 per share. Officials said BioMed expects to use the net proceeds of the offering to repay the outstanding indebtedness under an existing $750 million unsecured line of credit and for other general corporate and working capital purposes.
BioMed, with headquarters in Rancho Bernardo, trades on the New York Stock Exchange under the symbol BMR.
The company owns or has interests in properties comprising approximately 12.4 million rentable square feet, in markets including San Diego, Boston, San Francisco and Seattle.
Its tenants include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry.
— Lou Hirsh