Liberty Property Trust Announces Acquisition of Republic Property Trust
24 7월 2007 - 8:30PM
PR Newswire (US)
MALVERN, Pa., July 24 /PRNewswire-FirstCall/ -- Liberty Property
Trust (NYSE:LRY) and Republic Property Trust (NYSE:RPB) announced
today that they have entered into a definitive agreement pursuant
to which Liberty will acquire Republic for $14.70 per fully diluted
share and unit in cash and will assume debt, which was
approximately $415 million as of March 31, 2007. Total
consideration is approximately $900 million. The transaction has
been approved by both companies' boards of trustees as well as a
committee of independent trustees of Republic and is expected to
close in the fourth quarter of 2007. It is subject to the approval
of Republic's shareholders as well as other customary closing
conditions. Pending the closing of the transaction, Republic
expects to continue to pay regular quarterly dividends in
accordance with past practice. After the completion of the
transaction, Liberty will own 2.6 million square feet of
high-quality well leased office properties in the Greater
Washington, D.C. area. The Republic portfolio consists of 13
operating properties consisting of 24 office buildings. In
addition, Republic has a redevelopment property which, upon
completion, will comprise 176,000 square feet of prime office space
in downtown Washington D.C. William P. Hankowsky, chairman and
chief executive officer of Liberty commented, "This transaction
represents a major milestone for Liberty as we will acquire a very
high quality portfolio in one of the premier US office markets. We
have been strategically focused on entering this market for some
time and are pleased to be able create such a critical mass of
office assets in the DC market through a single transaction. We
view our entry into the Washington DC market as a natural
complement to our Baltimore/Washington corridor presence."
Properties to be acquired are: Property # of Address, Location Net
Rentable Bldgs Sq. Ft. 1 Corporate Oaks 1 625 Herndon Parkway
60,767 Herndon, VA 2 Corporate Pointe IV 1 14111 Park Meadow Dr.
80,118 Chantilly, VA 3 Lakeside I & II 2 14100-14120 Newbrook
Drive 173,218 Chantilly, VA 4 Pender Business Park 4 3922-3928
Pender Drive 170,940 Fairfax, VA 5 Presidents Park I 1 13861
Sunrise Valley Drive 196,901 Herndon, VA 6 Presidents Park II 1
13865 Sunrise Valley Drive 199,211 Herndon, VA 7 Presidents Park
III 1 2525 Network Place 198,755 Herndon, VA 8 The Republic
Building 1 1425 New York Avenue, NW 276,018 Washington, DC 9
Republic Park #1-7 7 13605-13665 Dulles 349,611 Technology Dr.
Herndon, VA 10 Republic Park #8 1 13461 Sunrise Valley Drive
181,154 Herndon, VA 11 WillowWood I 1 10300 Eaton Place 120,513
Fairfax, VA 12 WillowWood II 1 10306 Eaton Place 124,358 Fairfax,
VA 13 WillowWood III & IV 2 10304 & 10302 Eaton Place
278,979 Fairfax, VA 14 1129 20th St., NW* 1 1129 20th St., NW
176,000 Washington, DC TOTAL 25 2,586,543 * 1129 20th St. NW is
currently being redeveloped for delivery in July of 2008. Goldman
Sachs and Co. served as financial advisor to Liberty. Wolf, Block,
Schorr and Solis-Cohen LLP acted as Liberty's legal advisor. For
Further Information Liberty will host a conference call during
which management will discuss this transaction, as well as second
quarter results, on Tuesday, July 24, 2007, at 1:00 p.m. eastern
time. To access the conference call in the United States or Canada,
please dial 1-888-870-2815. For international access, dial
706-645-7691. Please reference the Liberty Property Trust 2nd
Quarter Results. A replay of the call will be available by dialing
1-800-642-1687 for US/Canada participants or 706-643-9291 for
international participants. A passcode is needed for the replay:
7026688. The call can also be accessed via the Internet on the
Investors page of Liberty's web site at
http://www.libertyproperty.com/ for one week following the call.
About Liberty Liberty Property Trust (NYSE:LRY) is a leader in
commercial real estate, serving customers in the United States and
United Kingdom, through the development, acquisition, ownership and
management of superior office and industrial properties. Liberty's
68 million square foot portfolio includes more than 700 properties
which provide office, distribution and light manufacturing
facilities to 2,100 tenants. Forward Looking Statements The
statements contained in this release may include forward-looking
statements within the meaning of the federal securities law.
Although Liberty Property Trust believes that the expectations
reflected in such forward- looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be achieved. As forward-looking statements, these
statements involve risks, uncertainties and other factors that
could cause actual results to differ materially from the expected
results. These factors include, without limitation, (1) the
occurrence of any effect, event, development or change that could
give rise to the termination of the merger agreement; (2) the
outcome of any legal proceedings that may be instituted against
Liberty Property Trust and others following announcement of
entering into the merger agreement; (3) the inability to complete
the merger due to the failure to obtain approval of the
shareholders of Republic Property Trust or the failure to satisfy
other conditions to completion of the merger; (4) risks that the
proposed transaction disrupts current plans and operations and the
potential difficulties in employee retention; (5) the ability to
recognize the benefits of the merger; and (6) the amount of the
costs, fees, expenses and charges related to the merger; and other
risks and uncertainties detailed in the Liberty Property Trust's
filings with the Securities and Exchange Commission. Liberty
Property Trust assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events. DATASOURCE: Liberty Property Trust CONTACT: Jeanne A.
Leonard of Liberty Property Trust, +1-610-648-1704 Web site:
http://www.libertyproperty.com/
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