KKR invests $475 million in Campus Point joint venture with Alexandria Real Estate
KKR•KKR-advised capital accounts invested $475 million for a 49% noncontrolling equity interest in Alexandria Real Estate’s investment entity tied to its Campus Point campus in San Diego. The interest represents approximately 28.5% indirect ownership in the underlying joint venture, which Alexandria will continue to control.
1. Investment details
KKR-advised capital accounts invested $475 million in a joint venture involving Alexandria Real Estate Equities’ Campus Point campus in San Diego. The investment acquired a 49% noncontrolling equity interest in Alexandria’s investment entity, representing approximately 28.5% indirect ownership in the underlying joint venture.
2. Campus development
Alexandria retains control of the underlying joint venture and will continue overseeing campus operations and development. The proceeds provide flexible, long-term capital for continued development, leasing and property enhancements at the nearly 2 million-square-foot life science campus.
