Norway SWF Buys Stake in Kendall Square Life Science Property
Posted on 12/16/2021
Norges Bank Investment Management (NBIM), the manager of Norway Government Pension Fund Global, has acquired a 41% 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. subsidiary and MetLife Investment Management.
The agreement was signed on November 26, 2021, and the transaction completed on December 15, 2021.
Details
Norges Bank Investment Management paid US$ 485.9 million for its 41% percent ownership interest, valuing the property at US$ 1.1852 billion. 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, a unit of MetLife Inc., acquired a 25% interest in the property and an Alexandria subsidiary retained a 34% percent interest. A subsidiary of Alexandria will perform the asset management for the property on behalf of the joint venture.
The Kendall Square property comprises 532,395 square feet of life science, office, and retail space. The building façades consist of a glass curtain wall that wraps around the front of 50 and 60 Binney.
