COPT completes sale of 15 Colorado Springs buildings
Corporate Office Properties Trust (COPT) has completed the sale of 15 operating properties previously held-for-sale in Colorado Springs in a transaction valued at USD134m, for net proceeds of USD131m.
"We are pleased to have completed our Strategic Reallocation Plan (SRP) within the three-year time frame we established for ourselves and to have executed these dispositions at exit cap rates that were within our guidance," says Roger A Waesche, Jr, COPT's president and chief executive officer. "With our portfolio repositioning now substantially complete, we expect 2014 to be a year of transitioning our platform back to a growth mode.”
With these 15 property dispositions, the company has completed the operating property portion of the SRP that it launched in the second quarter of 2011. Since April 2011, COPT has disposed of USD544m of properties that contained approximately 4.9 million square feet and realised net proceeds (after transaction costs and repayment of property-specific debt) of approximately USD469m. Additionally, the disposed properties represented 23.1 per cent of COPT's operating portfolio that existed at 31 March 2011 (the last reporting period before the SRP was announced).
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