| BioMed Realty Trust Forms JV With Prudential Real Estate ...
(RTTNews) - Monday morning, San Diego, California - based real estate investment trust BioMed Realty Trust, Inc. (BMR | charts | news | PowerRating) revealed the formation of a joint venture with Prudential Real Estate Investors and consequently finished the earlier announced acquisition of a portfolio of assets from the affiliates of Lyme Timber Company for $507 million that excludes closing costs. The company noted that the joint venture secured $550 million and interim loan facility from KeyBank National Association. Further, at the closing, the company borrowed around $47 million of the purchase prices. The remainder of the purchase price is funded 80% on behalf of institutional investors in a value-added commingled fund advised by Prudential Real estate investors, and 20% by BioMed.
CNL Income Properties buys 7 former 6 Flags parks
ORLANDO, Fla. A Florida-based real estate investment trust today announced the purchase of seven former Six Flags properties. The 312 (M) million dollar deal includes one site in Texas -- Splashtown in Houston. C-N-L Income Properties acquired the theme parks from PARC 7-F Operations. C-N-L will lease the properties to PARC, which will operate the complexes under long-term, triple-net lease agreements. PARC acquired the properties from Six Flags in a related stock purchase. The other parks acquired in the transaction are: -- Darien Lake in Buffalo, New York -- Elitch Gardens in Denver -- Frontier City and White Water Bay in Oklahoma City -- Waterworld in Concord, California -- and Wild Waves and Enchanted Village in Seattle.
Crescent Real Estate Sells Hotels to Walton for $620 Million
April 8 (Bloomberg) -- Crescent Real Estate Equities Co., a real-estate investment trust founded by Richard Rainwater, and its partners agreed to sell properties including the Fairmont Sonoma Mission Inn & Spa for $620 million to Walton TCC Hotel Investors, just days after Walton terminated its offer. Crescent's share of the gross purchase price will be $580 million, the Fort Worth, Texas-based company said in a statement distributed by Business Wire yesterday. The sale includes the Sonoma Golf Club and Ventana Inn & Spa in California, the Park Hyatt Beaver Creek Resort & Spa and Denver Marriott hotel in Colorado. Walton on April 2 canceled an agreement to buy the properties for $625 million, without giving a reason. The parties ``reinstated and amended the original purchase agreement'' on April 6, and the acquisition is expected to close in the second quarter, according to yesterday's statement.
Maguire Properties Announces Disposition of San Diego Office Buildings
LOS ANGELES--(BUSINESS WIRE)--Maguire Properties, Inc. (NYSE:MPG), a Southern California focused real estate investment trust, today announced that it has entered into an agreement to sell Pacific Center, a 438,960 square foot office property in Mission Valley, California and Wateridge Plaza, a 268,957 square foot office property in Sorrento Mesa, California. The total sales price is over $298 million and the disposition is expected to close in the second quarter of 2007. This disposition is part of the Company's previously announced plan to dispose of several existing office properties and use the net proceeds from the sales to fund part of the cost of the acquisition of the downtown Los Angeles and Orange County portfolio from Equity Office Properties and to reduce debt. Mr.
Special Report: The Mortgage Mess
Mark and Kerrie Russo, a Jackson, N.J., couple raising two young daughters, are struggling to hang on. Less than a year after buying a home in 2005, which they financed with a 30-year fixed rate loan based on a solid credit history, a local mortgage broker began sending letters offering to refinance their loan. A new product, the sales pitch said, allowed home owners flexibility to choose from a menu of different payments from one month to the next. What the broker didn't explain, Kerrie Russo says, is that this was a "negative amortization" loan - an expanding debt that buried the couple deeper in hock even as they thought they were paying down their mortgage balance. .
Biomed Realty Trust initiated with "neutral"
NEW YORK, April 10 (newratings.com) - Analysts at Credit Suisse initiate coverage of Biomed Realty Trust Inc (ticker: BMR) with a "neutral" rating. The target price is set to $30.
In a research note published this morning, the analysts mention that the company is witnessing significant challenges for lease-up at the Pacific Research Center. The analysts express their optimism, however, regarding Biomed Realty Trusts long-term fundamentals, benefiting from tenant investment in office lab properties. The slough portfolio is likely to lead to a significant overhang on the companys stock, Credit Suisse adds. .
US co Jacob to buy stake in Avesthagen
MUMBAI/BANGALORE: US-based private equity firm Jacob Ballas Capital (JBC) is close to buying a minority stake in Avestha Gengraine Technologies (Avesthagen), the biotech firm for about $10 million. Avesthagen chief executive officer Villoo Morawalla Patell declined to comment on the deal but people close to the development said that JCB agreement is likely to be concluded within few days. JCB is an India focused private equity firm floated by New York Life Investment Management LLC, a wholly-owned subsidiary of New York Life Insurance Company, Singapore-based Excelfin, Indo Pacific Estates and Punj Lloyd, one of the leading engineering construction firm in India. JCB's $10 million investment will be $5 million in equity and $5 million in warrants. The deal is being structured at Rs 1,850 per share, and values the company at a per money value of $124 million.
BioMed Realty Trust Announces Joint Venture With Prudential Real ...
SAN DIEGO, April 9 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE:BMR) today announced that it has formed a joint venture with Prudential Real Estate Investors (PREI(R)). Concurrent with its formation, the joint venture completed the previously announced acquisition of a portfolio of assets from affiliates of Lyme Timber Company. The portfolio includes approximately 600,000 square feet of life science space recently completed or under construction at the Rogers Street project and land that can support approximately 266,000 square feet of life science laboratory and office space at Kendall Square in Cambridge, Massachusetts. The joint venture acquired the portfolio for a total purchase price of $507 million, excluding closing costs. In connection with the acquisition, the joint venture obtained a $550 million secured acquisition and interim loan facility from KeyBank National Association, and initially borrowed approximately $427 million of the purchase price at closing.
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