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Ventas just took its first step into university-affiliated real estate—the firm agreed to buy $1.5B worth of life sciences and medical properties from Blackstone.
The deal includes all of Wexford Science & Technology’s life sciences and medical properties, which were part of BioMed Realty Trust, a REIT Blackstone bought in January that works with universities, research companies and academic medical centers, Bloomberg reports.
Ventas will pick up 23 properties and two development sites, tenants include Yale University and Wake Forest University, and as part of the deal the REIT will enter an agreement with Wexford to get exclusive rights to jointly develop future projects. Ventas is the second-largest US healthcare REIT by market value and the firm has watched its stock soar 31% this year. [Bloomberg]
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