KKR and Alexandria Real Estate Equities, Inc. have formed a new joint venture around Alexandria’s majority interest in Campus Point by Alexandria Megacampus, a large life sciences campus in San Diego. The transaction involves a $475 million investment by capital accounts advised by KKR into Alexandria’s ownership stake in the property.
Under the agreement, KKR has acquired a 49% noncontrolling equity interest in Alexandria’s Campus Point investment entity. This position translates into an indirect ownership stake of approximately 28.5% in the underlying joint venture that holds the campus. Alexandria retains a majority interest, while gaining additional capital to support its business plan for the property.
Campus Point by Alexandria Megacampus is described as a nearly two-million-square-foot life sciences campus. The asset is positioned as a major hub for life sciences uses within San Diego, supported by an established tenant roster and long-term contractual income streams. The injection of new equity capital is expected to underpin further development activity, leasing initiatives, and ongoing property enhancements across the megacampus.
Alexandria characterized the investment as providing flexible, long-term capital to advance its strategy at Campus Point. The company plans to use the proceeds to continue development and repositioning efforts while supporting leasing and improvements that reinforce the campus’s role as a core life sciences location.
“Alexandria has built a premier Megacampus at Campus Point, supported by an exceptional tenant base and long-term contractual cash flows,” said Sam Caven, Co-Head of Acquisitions, Americas at KKR. He added that KKR looks forward to working with Alexandria to support continued development and pursue long-term value creation at the property.
Alexandria CEO and CIO Peter Moglia described the transaction as a meaningful milestone in the firm’s broader capital strategy. He noted that the deal advances Alexandria’s efforts to optimize its capital structure and unlock value across its portfolio. Eastdil Secured Savills served as financial advisor to Alexandria on the transaction, with Proskauer providing legal counsel to Alexandria and Gibson Dunn advising KKR.
