MALVERN, Pa., July 25, 2016 (GLOBE NEWSWIRE) -- Consistent with the company’s publicly-stated intent to sell approximately $1 billion of non-core suburban properties in 2016, Liberty Property Trust (NYSE:LPT) today announced that it has entered into an agreement to sell to Workspace Property Trust in concert with its strategic partner, Safanad Limited, for $969 million, 108 properties totaling approximately 7.6 million square feet of leasable space in five markets and approximately 26.7 acres of land in two markets. The properties were 88.9% leased at June 30, 2016. While there are limited conditions to closing, such as the occurrence of a breach by the company that results 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 and the sale is expected to close late in the third quarter of 2016.
The sale portfolio consists of assets in the following markets and property types:
| City | # of buildings | Industrial - Distribution | Industrial - Flex | Office | Total | Land (Acres) |
| Arizona | 14 | - | - | 1,078,652 | 1,078,652 | 18.1 |
| Florida (South) | 11 | - | - | 1,136,020 | 1,136,020 | 8.6 |
| Florida (Tampa) | 34 | - | 1,115,205 | 684,363 | 1,799,568 | - |
| Minnesota | 19 | - | 567,628 | 921,204 | 1,488,832 | - |
| Pennsylvania | 30 | 406,678 | 438,243 | 1,230,843 | 2,075,764 | - |
| TOTAL | 108 | 406,678 | 2,121,076 | 5,051,082 | 7,578,836 | 26.7 |
A comprehensive list of assets included in this transaction is available at www.libertyproperty.com under news releases.
About Liberty Property Trust
Liberty 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 office and industrial properties. Liberty's 104 million square foot portfolio includes 684 properties which provide office, distribution and light manufacturing facilities to 1,600 tenants.
