Liberty Property Trust Announces $155 Million Investment In Industrial Acquisitions In Fourth Quarter
MALVERN, Pa., Dec. 19, 2012 /PRNewswire/ -- Liberty Property Trust has announced that it has closed on the acquisition of 19 industrial buildings totaling three million square feet for $155 million thus far during the fourth quarter.
The properties consist of 12 properties in Tampa, FL, totaling 1.2 million square feet; two buildings in suburban Chicago, IL totaling 1.2 million square feet; three properties in Charlotte, NC totaling 376,000 square feet; and two buildings in Shakopee, MN totaling 282,000 square feet. The properties are 96% leased.
Liberty's chief investment officer, Mike Hagan, commented, "Liberty continues to increase our industrial footprint with selective acquisitions in our targeted industrial markets. We anticipate an additional $18 million investment in industrial acquisitions by year-end, increasing Liberty's industrial holdings to 48 million square feet."
About the Company
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 81 million square foot portfolio consists of more than 650 properties providing office, distribution and light manufacturing facilities to 1,800 tenants.
The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. 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.
SOURCE Liberty Property Trust