Liberty Property Trust, a Pennsylvania-based industrial landlord, announced this week that it had entered into an agreement to buy the operating partnership of Cabot Industrial Value Fund III for $1.475 billion. The purchase price consists of the assumption of approximately $230 million of outstanding mortgage debt with a weighted average maturity of seven years with the remainder payable in cash. Liberty, which currently owns 662 properties, said it will fund the deal with a combination of real estate sales, debt and equity financing, according to a Businessweek article. The company also announced that it plans to sell 21 million shares.
"With approximately 58% of this portfolio located in Liberty's current markets and approximately 21% in the target markets of Atlanta, Dallas and Southern California, we are expanding into three of the top five national industrial markets," William Hankowsky, chief executive officer of Liberty, said in a statement.
Expected to close in October of 2013, the transaction will increase Liberty's industrial platform by approximately 23 million square feet and will add 177 properties in 24 new and existing Liberty industrial markets. Of the total portfolio, approximately 13 million square feet are located in 14 of Liberty's existing 15 industrial markets, including Chicago, South Florida, Houston, New Jersey, Maryland and Central Pennsylvania.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment