KKR and Alexandria Real Estate Equities, Inc. announced on Wednesday a $475-million joint venture investment by capital accounts advised by KKR in Alexandria’s majority ownership interest in Campus Point by Alexandria Megacampus, a nearly two-million-square-foot life sciences campus in San Diego.

KKR has acquired a 49% noncontrolling equity interest in Alexandria’s Campus Point investment entity, representing approximately 28.5% indirect ownership in the underlying JV. The investment provides Alexandria with flexible, long-term capital to support continued development, leasing and property enhancements.

“Alexandria has built a premier Megacampus at Campus Point, supported by an exceptional tenant base and long-term contractual cash flows,” said Sam Caven, Co-Head of Acquisitions, Americas at KKR. “We are excited to collaborate with their team to support its continued development and drive long-term value.”

Added Peter Moglia, CEO and CIO of Alexandria, “This transaction marks an important step in our efforts to optimize our capital structure and unlock value across our portfolio.” Eastdil Secured Savills acted as financial advisor and Proskauer served as legal advisor to Alexandria. Gibson Dunn served as legal advisor to KKR.

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