Wednesday, October 9, 2013

1.4M square feet of N.J. industrial space acquired by Liberty Property Trust

Pennsylvania-based Liberty Property Trust announced Tuesday it has acquired approximately 23 million square feet of industrial space across several U.S. markets. Liberty purchased the assets via the acquisition of the operating partnership of Cabot Industrial Value Fund III for $1.475 billion.
Financial details of the New Jersey portion of the portfolio were not broken down in a press release from the company.
According to the announcement, Liberty added 177 properties in 24 markets. The acquisition was funded through a combination of sources including proceeds of $834.1 million from an offering of 24,150,000 common shares, proceeds from the offering of $450 million of 4.40% senior notes due 2024 and the assumption of $230 million in mortgage debt.

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