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DHC Receives $378M for 35% Equity Interest in Boston Life Science Complex
Diversified Healthcare Trust has entered into an agreement with a global institutional investor to acquire an equity interest in DHC’s existing joint venture that owns the two-building life science complex located at 11 Fan Pier and 50 Northern Avenue in Boston.
The new investor will acquire from DHC a 35% equity interest in the joint venture for a purchase price of approximately $378 million, with the existing partner continuing to own a 45% equity interest and DHC owning the remaining 20% equity interest.
The purchase price for the 35% equity interest is based on a property valuation of $1.7 billion, less the $620 million of existing secured debt on the property.
The property included in the joint venture was acquired by DHC in May 2014 for $1.1 billion and consists of two 15-story buildings the Seaport District. The two buildings are approximately 95% leased to Vertex Pharmaceuticals, Inc., through 2028.
- ◦Sale/Acquisition
- ◦Financing
