Blackstone Group LP agreed to acquire real estate investment trust BioMed Realty Trust Inc., a landlord with properties catering to biotechnology companies, for $23.75 a share. The transaction is valued at about $8 billion including debt.

The world’s largest private-equity investor in real estate will pay about 24 percent more than BioMed’s closing share price on Sept. 22, according to a statement on Thursday from the San Diego-based REIT. The deal, which is supported by all of BioMed’s board of directors, is expected to close in the first quarter of 2016, subject to approval by shareholders.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.