KKR Takes Stake in Alexandria San Diego Life Science Campus

KKR is investing $475 million for a 49% noncontrolling stake in the entity owning Alexandria Real Estate Equities’ nearly 2-million-square-foot Campus Point life science campus in San Diego, representing about 28.5% indirect ownership in the underlying joint venture. Alexandria will retain control and manage the campus, using the partnership’s long-term capital to support development, leasing and property upgrades; tenants include major pharmaceutical and research organizations, and long-term leases generate about 98% of rental revenue.