The Baltimore-based biopark developer Wexford Science & Technology became an independent company Thursday as a Chicago-based real estate investment trust acquired its real estate assets from its former parent.
The spin-off came as Ventas Inc. acquired the real estate assets of BioMed Realty L.P., an affiliate of Blackstone Real Estate Partners VIII L.P., Wexford announced Thursday. The Blackstone Group, a New York-based investment firm, acquired Biomed Realty in an $8 billion deal earlier this year.
Now owned by its management team, Wexford will continue to manage the portfolio of university-affiliated medical and life science properties acquired by Ventas for $1.5 billion.
"Wexford's return to being an independent company provides the flexibility to focus solely on creating and expanding our strategic, enduring relationships with leading research universities, academic medical centers and research institutions," said Jim Berens, Wexford's president and CEO.
Terms of the spin-off transaction were not disclosed.
Wexford, which is developing a $110 million building in the University of Maryland Baltimore BioPark, will jointly develop future properties with Ventas.