Liberty Property Trust completes purchase of operating partnership of Cabot Industrial Value II Fund
Liberty Property Trust has completed its previously announced acquisition of the operating partnership of Cabot Industrial Value Fund III for a purchase price of USD1.475 billion.
The transaction has increased Liberty's industrial platform by approximately 23 million square feet and added 177 properties in 24 new and existing Liberty industrial markets. Approximately 58% of the total portfolio is located in existing Liberty industrial markets, including Chicago, South Florida, Houston, New Jersey, Maryland and Central Pennsylvania.
The remaining approximately 10 million square feet are located in 10 markets in which Liberty does not currently have a presence, including Atlanta, Dallas/Fort Worth and Southern California, which combined comprise 21% of the Cabot square footage.
The acquisition was funded through a combination of sources including proceeds of USD834.1 million from an offering of 24,150,000 common shares, proceeds from the offering of USD450 million of 4.40% senior notes due 2024 and the assumption of USD230 million in mortgage debt.