Liberty Property Trust to Divest 108 Properties for $969 Million

Liberty Property Trust

revealed Monday that it reached an agreement to divest to Workspace Property Trust in concert with its strategic partner, Safanad Limited, for $969 million. That meant it was selling 108 properties totaling approximately 7.6 million square feet of leasable space in five markets and about 26.7 acres of land in two markets. According to the company, this was in line with the publicly-stated intention to sell about $1 billion of non-core suburban properties in the current year. Liberty Property Trust said that the properties were 88.9% leased as of June 30. The company added that while there are limited conditions to closing. That included like the occurrence of a breach by the company resulting in a material adverse change in the aggregate value of the properties being sold, the agreement is not subject to due diligence or financing contingencies. Also the sale is expected to close late in the third quarter of the current year. On Friday, the stock advanced 0.22 percent.