Liberty Property Trust Updates 2018 Capital Activity
WAYNE, Pa., Dec. 20, 2018 (GLOBE NEWSWIRE) -- Liberty Property Trust announced suburban office property dispositions, Southern California acquisitions and financing of an industrial portfolio in the United Kingdom.
Liberty has sold five office properties comprising 335,866 square feet in Malvern, Pennsylvania for $45.8 million. The properties consist of: 100 Chesterfield Parkway, 600 Chesterfield Parkway, 700 Chesterfield Parkway, 14 Lee Boulevard, and 12-16 Great Valley Parkway. In total, Liberty executed $795.2 million in sales in 2018.
Liberty has purchased two industrial properties comprising 447,570 square feet in Southern California for $60.2 million. The properties consist of 15025 Proctor Avenue, a fully-occupied, 128,581 square foot property in City of Industry, and 520 E. Orange Show Road in San Bernardino, a 318,989 square foot development property acquired vacant at shell completion for inventory. Liberty’s in-service Southern California portfolio is 100% occupied. In total, Liberty purchased $496.7 million in industrial properties in 2018.
In conjunction with Liberty’s previously announced £111 million acquisition of a 1.1 million square foot industrial portfolio in October, Liberty has financed a portfolio of 13 industrial properties located in the UK with a £129.5 million, 10-year, interest-only loan at 2.64%. This loan was used to repay short-term borrowings used to fund seven of the 13 properties acquired in October, as well as portions of Liberty’s existing UK industrial portfolio.
Commenting on these transactions, Mike Hagan, Liberty’s chief investment officer, said: “As we close out the year, Liberty has successfully executed on our strategy to reallocate capital from office to our growing industrial business. We have also secured permanent financing at very favorable terms on our UK industrial portfolio.”
About the CompanyLiberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior logistics, warehouse, manufacturing, and R&D facilities in key markets. Liberty’s 103.5 million square foot operating portfolio provides productive work environments for 1,200 tenants.
Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704