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Blackstone Group LP agreed to buy landlord BioMed Realty Trust Inc. for $4.8 billion, betting on growth in real estate demand from the life sciences and biotechnology industries.

The world’s largest private equity investor in real estate will pay $23.75 a share in cash, according to a statement Thursday. That’s about 24 percent more than BioMed’s closing share price on Sept. 22, the day before Bloomberg reported that the San Diego-based real estate investment trust was working with Morgan Stanley to explore a sale.

Shares of REITs have been battered this year as investors gird for the first interest-rate hike since 2006, creating opportunities for buyers like New York-based Blackstone to acquire companies relatively cheaply. Health-care spending is rising quickly in the U.S., boosting demand for laboratory space that can accommodate pharmaceutical developers and manufacturers.

Share Discount

BioMed “was trading at a discounted price because the public market perception of the company was relatively poor,” said John Kim, an analyst at BMO Capital Markets Corp. in New York. “Even though it’s a somewhat specialized asset class, the location of the assets is very attractive and the biotech industry is flourishing.”

BioMed jumped 8.6 percent to close at $23.45. The REIT’s shares had declined 11 percent this year through Sept. 22. Blackstone fell 2 percent Thursday to $34.01.

The transaction is valued at about $8 billion, including debt. The deal, which is supported by BioMed’s entire board of directors, is expected to close in the first quarter, subject to approval by shareholders.

BioMed “owns an exceptional collection of office buildings catering to life-science tenants in gateway markets including Boston-Cambridge, San Francisco, San Diego and Seattle," Nadeem Meghji, co-head of U.S. real estate acquisitions for Blackstone, said in the statement. “We believe in the long-term fundamentals of this sector, particularly in locations with top-tier educational and research institutions.”

More Takeovers

The stock market’s decline probably will lead to more takeovers of publicly traded landlords, Jon Gray, global head of real estate at Blackstone, said on Oct. 1. The private equity firm last month agreed to buy Strategic Hotels & Resorts Inc., owner of luxury properties such as Manhattan’s Essex House, for about $3.93 billion.

Morgan Stanley was lead financial adviser to BioMed, with Raymond James Financial Inc. also providing advice. Latham & Watkins LLP was the legal adviser. Eastdil Secured Group of Wells Fargo & Co., Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. advised Blackstone, while Simpson Thacher & Bartlett LLP provided legal advice.

(Updates with closing share prices in fifth paragraph.)