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BioMed Shares Rise Sharply After Report of Possible Sale

San Diego’s BioMed Realty Trust Inc. was among the biggest movers on the New York Stock Exchange on Sept. 23, after a media report that the company is exploring a sale.

Shares in BioMed (NYSE: BMR) closed up 12.3 percent over the prior day, at $21.54, following a report by Bloomberg News that the real estate investment trust is working with Morgan Stanley to seek a buyer, and that a potential suitor is New York-based Blackstone Group LP.

In its Sept. 22 report, Bloomberg cited unnamed sources familiar with talks who asked not to be identified because negotiations are private. One of the sources told Bloomberg that talks are ongoing and there is no guarantee that a deal will be completed.

BioMed representatives were not immediately available for comment. The company is headquartered in Rancho Bernardo and invests primarily in life science real estate, with nationwide tenants including pharmaceutical companies, research and educational institutions, and government agencies.

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Earlier this year, Blackstone acquired a local retail-focused REIT, Rancho Bernardo-based Excel Trust Inc., in a deal valued at approximately $2 billion.

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