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.
Phone: +47 948 54 656
Photo credit: Alexandria Real Estate Equities, Inc.