King Street Properties Update 09/16/21
Brookfield Forms Strategic Partnership with Boston-Based King Street Properties
King Street Properties, a leading private developer, owner and operator specializing in life science real estate, is pleased to announce that it has formed a partnership to pursue investment in life science real estate across the US with a Brookfield Asset Management private real estate fund. The partnership intends to invest approximately $1.5 billion in equity capital towards King Street's life science real estate pipeline. In addition, Brookfield entered into an agreement to purchase an interest in King Street's operating platform. King Street continues to own and operate its existing portfolio of 2.5 million square feet of stabilized assets and 2.3 million square feet of assets under development.
"The potential in the life science real estate market has never been greater, and the new Brookfield/King Street combination will allow us to match the expertise we have acquired over 20 years in the sector with Brookfield's substantial financial resources and reach," said Thomas Ragno, principal and founder of King Street Properties.
Added Stephen Lynch, co-managing principal of King Street Properties, "This is a growth strategy for us. Our alignment with Brookfield allows us to rapidly scale our already-successful platform in both established and rising life science markets and in new product types such as biomanufacturing."
"Life science is an attractive investment sector given the long-term market dynamics of an aging population and increased public and private funding to R&D," said Lowell Baron, Managing Partner and Chief Investment Officer in Brookfield's Real Estate Group. "King Street's team is best-in-class and their market leadership in areas like biomanufacturing is a differentiator that we believe positions them for continued growth."
PJT Partners acted as exclusive financial advisor to King Street Properties. Goodwin Procter LLP served as legal counsel. Willkie Farr & Gallagher LLP served as legal counsel to Brookfield Asset Management.