KKR (NYSE: KKR), a leading global investment firm, and Alexandria Real Estate Equities, Inc. (NYSE: ARE), the leading owner, operator and developer of life science and advanced technology real estate, today announced a $475 million joint venture investment by capital accounts advised by KKR in Alexandria’s majority ownership interest in Campus Point by Alexandria Megacampus™, a nearly 2 million-square-foot life science Megacampus in San Diego, California.

KKR has acquired a 49% noncontrolling equity interest in Alexandria’s Campus Point investment entity, representing approximately 28.5% indirect ownership in the underlying joint venture. The investment provides Alexandria with flexible, long-term capital to support continued development, leasing and property enhancements at the campus.

Campus Point is located in San Diego’s University Town Center submarket, adjacent to the University of California San Diego, the Salk Institute and Scripps Research, and is home to a roster of leading global pharmaceutical, biotechnology, research organizations and technology companies. The Megacampus includes tenants Novartis, Bristol Myers Squibb, Eli Lilly, Leidos and UC San Diego.

“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. “We are excited to collaborate with their team to support its continued development and drive long-term value.”

“This transaction marks an important step in our efforts to optimize our capital structure and unlock value across our portfolio,” said Peter Moglia, Alexandria Chief Executive Officer and Chief Investment Officer. “Our strategic partnership with KKR demonstrates the attractiveness of our high-quality assets to leading institutional investors and provides a flexible, long-term source of capital to support our continued investment in our Campus Point Megacampus. We believe this investment positions us to execute our business plan while creating long-term value for our shareholders.”

The investment is supported by Campus Point’s long-term leases with leading corporate and institutional tenants, which account for approximately 98% of the campus’s rental revenue. Under the terms of the transaction, Alexandria will continue to oversee the property’s operations and development, maintaining control of the underlying joint venture.

Eastdil Secured Savills acted as financial advisor and Proskauer served as legal advisor to Alexandria Real Estate. Gibson Dunn served as legal advisor to KKR.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. Founded in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative Megacampus™ ecosystems in AAA life science and advanced technology innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City. For more information, please visit www.are.com.

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