Bloomberg
Liberty Property Trust, a Pennsylvania-based industrial landlord, agreed to buy the operating partnership of a private real estate fund for about $1.25 billion to add properties and expand into new markets.
The acquisition of the Cabot Industrial Value Fund III LP partnership will add 23 million square feet (2.1 million square meters) and 177 properties to Liberty’s portfolio, the Malvern-based company said today in a statement. About 13 million square feet are located in Liberty’s existing markets, while the remaining are in 10 new areas for the company.
“With approximately 58 percent of this portfolio located in Liberty’s current markets and approximately 21 percent in the target markets of Atlanta, Dallas and Southern California, we are expanding into three of the top five national industrial markets,” William Hankowsky, chief executive officer of Liberty, said in the statement.