Weekly Real Estate NewsKKR has been identified as the investor behind a $475 million partial-interest sale at Alexandria Real Estate Equities’ Campus Point life-sciences campus in San Diego, adding important detail to a transaction Alexandria disclosed earlier this week.
In an October 28 joint announcement, the companies said capital accounts advised by KKR acquired a 49% noncontrolling equity interest in Alexandria’s Campus Point investment entity. That translates to approximately 28.5% indirect ownership of the underlying real estate joint venture—not a direct 49% stake in the campus itself.
Alexandria will retain control of the underlying joint venture and continue overseeing operations and development at the nearly 2-million-square-foot campus.
Transaction disclosed earlier; investor named Wednesday
Alexandria had already reported the $475 million sale of an approximately 29% noncontrolling interest in its October 26 earnings release, saying the deal had been completed in October. Wednesday’s announcement newly identified KKR and clarified the investment structure. The exact closing date was not disclosed.
The new information follows WRE News’ earlier reporting on Alexandria’s third-quarter property impairment and capital recycling efforts.
Institutional capital for a specialized campus
Campus Point is in San Diego’s University Town Center submarket, near major research institutions. Its tenants include Novartis, Bristol Myers Squibb, Eli Lilly, Leidos and UC San Diego. According to the companies, long-term leases with corporate and institutional tenants account for approximately 98% of campus rental revenue.
The investment gives Alexandria additional capital for development, leasing and property improvements without surrendering control. It also gives KKR indirect exposure to an established life-sciences property with long-term contracted income, at a time when the broader sector faces uneven leasing and financing conditions.
Alexandria’s earnings materials indicate its ownership in the underlying venture declined from roughly 59% to approximately 30% following the sale. The company said it expects to fund most future construction costs, which could alter ownership percentages over time.
Eastdil Secured Savills advised Alexandria financially, with Proskauer providing legal counsel. Gibson Dunn advised KKR.
Source: KKR and Alexandria joint announcement, October 28, 2026; Alexandria third-quarter results, October 26, 2026.
