BXP Completed Sale of 45% Interest in Cambridge Life Sciences Development to Norges Bank Investment Management
Portfolio Pulse from Benzinga Newsdesk
BXP has completed the sale of a 45% interest in 290 Binney Street, a life sciences development in Cambridge, to Norges Bank Investment Management (NBIM), reducing BXP's project spend by $533.5 million. The property, pre-leased to AstraZeneca, is part of a joint venture with a gross valuation of $1.66 billion. BXP retains a 55% interest and will provide development, property management, and leasing services.
March 25, 2024 | 11:23 am
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BXP completed the sale of a 45% interest in 290 Binney Street to NBIM, reducing its project spend by approximately $533.5 million and retaining a 55% interest in the joint venture.
The completion of this sale to NBIM is likely to have a positive short-term impact on BXP's stock price. By reducing its share of the project's estimated development spend by approximately $533.5 million, BXP can reallocate resources more efficiently and potentially improve its financial position. Additionally, the property being fully pre-leased to AstraZeneca adds a layer of stability and future revenue prospects for BXP. The overall positive reception of this strategic move in the market could lead to an uptick in investor confidence and stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100