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Blackstone (BX) Stock Falls on $8 Billion Purchase of BioMed Realty Trust

NEW YORK (TheStreet) -- Shares of Blackstone Group (BX - Get Report) are down by 2.05% to $33.99 in mid-morning trading on Thursday, after the company purchased BioMed Realty Trust (BMR) for $8 billion.

The deal is for $23.75 per share, a 10% premium over BioMed's closing price on Wednesday.

The deal is expected to close in the first quarter of next year.

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"Demand for high-quality, institutional real estate to support the unprecedented growth of the life science industry is at historic levels as demand is outpacing supply in all of our core innovation districts," said BioMed CEO Alan Gold.

"We are excited to acquire this best-in-class company which owns an exceptional collection of office buildings catering to life science tenants in gateway markets including Boston-Cambridge, San Francisco, San Diego and Seattle," said co-head of US real estate acquisitions for Blackstone Nadeem Meghji. "We believe in the long-term fundamentals of this sector, particularly in locations with top-tier educational and research institutions."