In a bid to boost its core business, BioMed Realty Trust Inc. BMR closed the divestiture of its property at 45 King of Prussia Road in Radnor, PA to Penn Medicine. This divestiture, valued at $35 million, is in line with the company’s strategies and will likely be accretive, going forward.
The San Diego, CA-based real estate investment trust (“REIT”) aims to effectively redeploy the free capital and personnel from the divestiture in certain other core projects. The REIT also intends to provide some of its university partners a chance to create something special in Radnor. Further, this transaction will provide Penn Medicine an opportunity to develop its own plan for the site in collaboration with the Radnor Township.
Biomed is engaged in acquiring, owning, leasing, managing and selectively developing laboratory and office space for lease to life science tenants, including biotechnology and pharmaceutical companies, scientific research institutes, government agencies and other entities involved in the life science industry. The divestiture will lend financial flexibility to the company’s balance sheet and help it carry out its core activities in a better way.
Currently, Biomed carries a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like Hudson Pacific Properties, Inc. HPP, Strategic Hotels & Resorts, Inc. BEE and Arbor Realty Trust Inc. ABR. All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment