Liberty Forms $900M JV to Manage Republic's Assets

WASHINGTON, DC-Liberty Property Trust has formed a joint venture with an unnamed institutional partner. The Malvern, PA-based REIT intends to contribute the properties it will acquire through its pending acquisition of Republic Property Trust and Republic Property Limited Partnership.
 
The joint venture, in which Liberty will hold a 25% interest, would purchase the Republic properties for approximately $900 million. In July, Liberty announced that it signed a definitive merger agreement to acquire the local REIT in an all cash transaction for approximately $850 million, or $14.70 per share. The purchase price per share represents a 28% premium over Republic's closing share price on July 23.

Source: Globe St.com. View Article.

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