IRVINE, Calif., Sept. 9, 2019 /PRNewswire/ -- HCP, Inc. (NYSE:
HCP) announced today that it executed a definitive agreement to
acquire, for $332.5 million, a
224,000 square foot, LEED Gold® laboratory building
located at 35 CambridgePark Drive, which is expected to close in
December 2019. The property is being
purchased from The Davis Companies and Invesco Real Estate
("Invesco"). 35 CambridgePark Drive is located in the
Cambridge submarket of
Boston, Massachusetts, adjacent to
HCP's recently acquired property at 87 CambridgePark Drive and
future development opportunity at 101 CambridgePark Drive.
Combined, HCP has created up to 440,000 square feet of contiguous
space across a modern campus.
35 CambridgePark Drive is 100% leased to five life science
tenants composed of both established large-cap and emerging
biopharmaceutical companies, with a weighted average lease term of
over 10 years and weighted average lease escalators of 3.0%. The
year one cash and GAAP capitalization rates are 4.8% and 5.7%,
respectively.
This state-of-the-art building offers more than 10,000 square
feet of common amenity space, including a grand lobby with
dedicated collaboration spaces, a full-service restaurant, a
fitness center, lockers and bike storage, and abundant green space
and outdoor seating. This transit-oriented property also offers
commuters convenient access with its location directly across the
street from the highly-utilized MBTA Alewife Red Line station and
bus terminal.
"With the acquisition of 35 CambridgePark Drive, we're pleased
to report that in less than two years we have expanded our presence
in the Boston life science market
to more than 1.3 million square feet and at a very compelling
blended yield," said Scott Brinker,
Executive Vice President and Chief Investment Officer of HCP.
"Class A life science real estate continues to experience
unprecedented demand and the cluster strategy we have employed,
combined with our mix of stabilized and development properties,
will allow our tenants to grow within our portfolio."
About HCP
HCP, Inc. is a fully integrated real estate investment trust
(REIT) that invests in real estate serving the healthcare industry
in the United States. HCP owns a large-scale portfolio
primarily diversified across life science, medical office and
senior housing. Recognized as a global leader in
sustainability, HCP has been a publicly-traded company since 1985
and was the first healthcare REIT selected to the S&P 500
index. For more information regarding HCP, visit
www.hcpi.com.
Forward Looking Statements
Statements in this release that are not historical facts are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include, among other things, statements regarding our
and our officers' intent, belief or expectation as identified by
the use of words such as "may," "will," "project," "expect,"
"believe," "intend," "anticipate," "seek," "target," "forecast,"
"plan," "potential," "estimate," "could," "would," "should" and
other comparable and derivative terms or the negatives
thereof. Examples of forward-looking statements include,
among other things, statements regarding the pending transaction,
including the anticipated benefits from, and results of, the
transaction, execution plans, development plans, leasing activity,
investment strategy and the anticipated closing of the
transaction. The closing of the transaction remains subject
to the satisfaction of certain closing conditions, and may not
close on the anticipated timeline or at all. Forward-looking
statements reflect our current expectations and views about future
events and are subject to risks and uncertainties that could
significantly affect our future financial condition and results of
operations. While forward-looking statements reflect our good
faith belief and assumptions we believe to be reasonable based upon
current information, we can give no assurance that our expectations
or forecasts will be attained. Further, we cannot guarantee
the accuracy of any such forward-looking statement contained in
this release, and such forward-looking statements are subject to
known and unknown risks and uncertainties that are difficult to
predict. See Part I, Item 1A.
"Risk Factors" in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2018 for a
description of risks and uncertainties that may cause our actual
results to differ materially from the expectations contained in the
forward-looking statements herein. Except as required by law,
we do not undertake, and hereby disclaim, any obligation to update
any forward-looking statements, which speak only as of the date on
which they are made.
Contact
Andrew
Johns
Vice President – Finance and Investor Relations
(949) 407-0400
View original content to download
multimedia:http://www.prnewswire.com/news-releases/hcp-to-acquire-a-trophy-life-science-property-in-west-cambridge-300913681.html
SOURCE HCP, Inc.