Liberty Property Trust Completes Purchase Of Republic Property Trust
October 04 2007 - 1:29PM
PR Newswire (US)
Joint Venture Formed with New York State Common Retirement Fund
MALVERN, Pa. and Herndon, Va., Oct. 4 /PRNewswire-FirstCall/ --
Liberty Property Trust (NYSE:LRY) and Republic Property Trust
(NYSE:RPB) announced that the acquisition of Republic was completed
today through the merger of Republic with a wholly owned subsidiary
of Liberty and the merger of Republic's operating partnership with
Liberty's operating partnership. In the mergers, each of the former
common shares of Republic and partnership units of its operating
partnership was converted into the right to receive $14.70 in cash,
without interest. Republic's common stock will be delisted from the
New York Stock Exchange effective at the close of business on
October 4, 2007. The portfolio of 14 properties acquired from
Republic will be operated in a joint venture between Liberty and
New York State Common Retirement Fund, as advised by Heitman. The
joint venture, in which Liberty holds a 25% interest, is originally
valued at $900 million, and is expected to grow to approximately
$2.2 billion through the acquisition and development of additional
properties in the Washington, DC and Northern Virginia markets. "We
are very pleased to be up and running in the Washington and
Northern Virginia markets," commented Bill Hankowsky, chairman and
chief executive officer. "These transactions provide Liberty with a
new platform of quality properties in dynamic markets and a mandate
to grow that platform." Liberty's new platform will be led by John
Gattuso, senior vice president for urban and national development,
who will assume the role of regional director for a new region
incorporating Washington, Northern Virginia and the city of
Philadelphia. The urban and national development team has developed
more than five million square feet of Class A, sustainable projects
of national stature, including the Plaza at PPL Center, Comcast
Center, and the Philadelphia Navy Yard Corporate Center. Mr.
Gattuso will oversee a local team consisting of development,
leasing and property management experts from both Liberty and
Republic, and from the Washington marketplace. The properties
contributed to the joint venture include 13 operating properties
consisting of 24 office buildings and a redevelopment property
that, upon completion, will comprise 176,000 square feet of prime
office space. Properties acquired/contributed: Property # of Bldgs
Address, Location Net Rentable Sq. Ft. 1 Corporate Oaks 1 625
Herndon Parkway 60,767 Herndon, VA 2 Corporate Pointe IV 1 14111
Park Meadow Dr. 80,118 Chantilly, VA 3 Lakeside I & II 2
14100-14120 Newbrook Drive 173,218 Chantilly, VA 4 Pender Business
Park 4 3922-3928 Pender Drive 170,940 Fairfax, VA 5 Presidents Park
I 1 13861 Sunrise Valley Drive 196,901 6 Presidents Park II 1 13865
Sunrise Valley Drive 199,211 Herndon, VA 7 Presidents Park III 1
2525 Network Place 198,755 Herndon, VA 8 The Republic Building 1
1425 New York Avenue, NW 276,018 Washington, DC 9 Republic Park
#1-7 7 13605-13665 Dulles Technology Dr. Herndon, VA 349,611 10
Republic Park #8 1 13461 Sunrise Valley Drive 181,154 Herndon, VA
11 WillowWood I 1 10300 Eaton Place 120,513 Fairfax, VA 12
WillowWood II 1 10306 Eaton Place 124,358 Fairfax, VA 13 WillowWood
III & IV 2 10304 & 10302 Eaton Place 278,979 Fairfax, VA 14
1129 20th St., NW* 1 1129 20th St., NW 176,000 Washington, DC TOTAL
25 2,586,543 *1129 20th St. NW is currently being redeveloped for
delivery in July of 2008. About Liberty Liberty Property Trust
(NYSE:LRY) 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 68 million square foot portfolio
includes more than 700 properties which provide office,
distribution and light manufacturing facilities to 2,100 tenants.
About Republic Property Trust Republic Property Trust is a fully
integrated, self-administered and self- managed real estate
investment trust formed to own, operate, lease, acquire and develop
primarily Class A office properties. The Company's current
portfolio is focused in the Washington, D.C. metropolitan, or
Greater Washington, D.C., market. Republic Property Trust also
selectively seeks fee- based development opportunities for all real
estate classes. The statements contained in this press release may
include forward-looking statements within the meaning of the
federal securities law, including, without limitation, any
projections of the value of the joint venture. Although Liberty
believes that the expectations reflected in such forward- looking
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be achieved. As
forward-looking statements, these statements involve risks,
uncertainties and other factors that could cause actual results to
differ materially from the expected results. These factors include,
without limitation, the uncertainties affecting real estate
businesses generally (such as entry into new leases, renewals of
leases and dependence on tenants' business operations), risks
relating to our ability to maintain and increase property occupancy
and rental rates, the financial condition of tenants, the
uncertainties of real estate development and construction activity,
the costs and availability of financing, the effects of local
economic and market conditions, regulatory changes, potential
liability relative to environmental matters and other risks and
uncertainties detailed in the company's filings with the Securities
and Exchange Commission. The company assumes no obligation to
update or supplement forward-looking statements that become untrue
because of subsequent events. DATASOURCE: Liberty Property Trust
CONTACT: Jeanne A. Leonard of Liberty Property Trust,
+1-610-648-1704 Web site: http://www.libertyproperty.com/
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