Wednesday, February 6, 2019

Liberty Property expects to sell upwards of $650M in office properties this year

by Natalie Kostelni Reporter Philadelphia Business Journal
Liberty Property Trust plans to accelerate its exit from owning office properties and anticipates completing that process over the next 12 to 18 months.

In a conference call with analysts on Tuesday, Bill Hankowsky, CEO of the Wayne-based real estate investment trust, said significant inroads were made last year in the company’s transition into owning just industrial properties. For years, Liberty had owned and developed a combination of office and industrial buildings, but in October announced it would shed the remaining office properties it owns. It expects to continue making progress on that front this year, and is seeking to sell this year most if not all of the office buildings it owns and be done with that line of business.

As part of reaching that goal, it sold last year $795 million of office assets totaling 3.4 million square feet and has another estimated $700 million to $800 million of wholly owned properties left to sell. Liberty (NYSE: LPT) also owns properties through joint ventures in which the real estate company has minority interests and plans to initially focus on selling the wholly owned properties over the next 12 to 18 months.
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