Liberty Property Trust To Sell Nearly $1B In Assets
Liberty Property Trust is set to sell a portfolio worth $969M made up of properties in four states, including most of Great Valley Corporate Center in Malvern.
The full sale will contain 108 properties across Pennsylvania, Minnesota, Florida and Arizona to be acquired by Workspace Property Trust in conjunction with Dubai-based investment firm Safanad Ltd. Of Great Valley Corporate Center, all will be included in the sale except for Liberty's own HQ, the offices leased by the Vanguard Group, and 280k SF that Liberty still plans to develop, according to Philly.com.
The sale is expected to close in September, and will leave Liberty with only its Great Valley holdings and some property in King of Prussia as its remaining footholds in suburban Philadelphia. [Philly]
