Liberty Property to Sell 97 Properties for $705 Million

A day after announcing it had sold its Fairfax, Va., Pender Business Park property for $31.5 million, Liberty Property Trust (NYSE: LPT  ) , a real estate investment trust (REIT), issued a statement Thursday saying it was selling 97 properties with a total of 6.6 million square feet, for an estimated $705 million.

In addition to multiple properties in Maryland, New Jersey, Pennsylvania and Minnesota, the deal includes Liberty's entire Jacksonville, Fla., portfolio consisting of 32 assets and more than  2.1 million square feet, Liberty said. The sale, according to Liberty's statement, will take place in two separate installments. The first stage is expected to close in late 2013, while the second and final installment should close in early 2014.

The objective of the sale, according to Liberty Chairman and CEO William Hankowsky, is it "furthers our strategy to increase our portfolio allocation to industrial real estate and to concentrate our office portfolio in fewer focused markets."

Prior to the recently announced sales, Liberty's commercial real estate portfolio included more than 700 properties in both the U.S. and the U.K. markets, and totaled more than 80 million square feet of industrial and office space.

The sale is subject to customary closing conditions.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2719339, ~/Articles/ArticleHandler.aspx, 9/18/2014 6:08:21 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement