KKR has agreed to invest $475m in Campus Point, Alexandria Real Estate Equities' life science megacampus in San Diego, through a joint venture that leaves the listed landlord in control of the asset. Capital accounts advised by KKR have acquired a 49% non-controlling equity interest in Alexandria's Campus Point investment entity. Since Alexandria holds a majority interest in the campus, KKR's position equates to roughly 28.5% indirect ownership of the underlying joint venture.
The campus spans close to 2 million sq ft in San Diego's University Town Center submarket. It sits next to UC San Diego, the Salk Institute, and Scripps Research.
Source: PE Insights · Summarized by HeadlinesBriefing