SAN DIEGO, Feb. 11 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today the completion of a refinancing of the secured acquisition and interim loan facility originally entered into in April 2007 by its joint venture with a fund managed by Prudential Real Estate Investors to acquire, among other properties, approximately 600,000 square feet of life science space in Cambridge, Massachusetts.
Proceeds from the refinancing were approximately $203 million, and were used to repay a portion of the outstanding indebtedness under the existing secured acquisition and interim loan facility. BioMed's share of the financed amount is approximately $41 million based on its 20% interest in the joint venture. BioMed repaid its remaining portion of the outstanding balance on the existing secured acquisition and interim loan facility by drawing on the company's $600 million unsecured line of credit. The term of the amended and restated secured acquisition and interim loan facility is two years, with an option to extend the maturity for an additional year. The facility is provided by a syndicate of lenders, for which KeyBank National Association is the administrative agent.
Commenting on the transaction, Kent Griffin, President and Chief Financial Officer of BioMed, said, "Completing the refinancing of the existing secured acquisition and interim loan facility with our partner PREI(R) represents the achievement of another milestone in managing our debt maturities. We are very pleased to have earned the support and commitment of our lending partners as demonstrated by this financing in an environment in which only the strongest sponsorships have access to credit."
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry(R). The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty Trust owns or has interests in 69 properties, representing 112 buildings with approximately 10.4 million rentable square feet, including approximately 1.4 million square feet of development in progress. The company also owns undeveloped land parcels adjacent to existing properties that it estimates can support up to 1.4 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at http://www.biomedrealty.com.
About Prudential Real Estate Investors
PREI(R), the real estate investment management business of Prudential Financial, Inc., is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, Asia, and Latin America. Headquartered in Parsippany, N.J., PREI has offices in Atlanta, Chicago, San Francisco, Miami, Amsterdam, London, Lisbon, Madrid, Milan, Munich, Paris, Luxembourg, Istanbul, Gurgaon (Delhi), Singapore, Mexico City, Rio de Janeiro, Hong Kong and Tokyo. As of September 30, 2008, PREI(R) managed over $46.7 billion in gross real estate assets ($32.5 billion net) on behalf of over 460 clients worldwide and is ranked among the largest real estate investment managers. For more information, please visit http://www.prei.com
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 company's target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments 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 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.
|SOURCE BioMed Realty Trust, Inc.|
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