Norges Bank Investment Management has acquired a 41.0 percent interest in a life science property located at 50 and 60 Binney Street in the City of Cambridge in the Boston metropolitan area, in a new joint venture with an Alexandria Real Estate Equities, Inc. (“Alexandria”) subsidiary and MetLife Investment Management.
The agreement was signed on 26 November 2021, and the transaction completed on 15 December 2021.
Norges Bank Investment Management paid 485.9 million US dollars for its 41.0 percent ownership interest, valuing the property at 1,185.2 million US dollars. The asset is unencumbered by debt, and no financing will be involved in the transaction.
The property was sold by an Alexandria subsidiary.
MetLife Investment Management acquired a 25.0 percent interest in the property and an Alexandria subsidiary retained a 34.0 percent interest. A subsidiary of Alexandria will perform the asset management for the property on behalf of the joint venture.
The property comprises 532,395 square feet of life science, office and retail space.
Press contact:
Line Aaltvedt
Communications Manager
Phone: +47 948 54 656
E-mail: line.aaltvedt@nbim.no
Photo credit: Alexandria Real Estate Equities, Inc.