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Liberty Property selling $969M of properties, land

LibertyProperty Trust agreed to a $969 million sale of 108 properties andapproximately 26.7 acres of land to Workspace Property Trust and Safanad Ltd.

The properties are located in four states including Arizona,Minnesota, Pennsylvania and Florida, and total approximately 7.6 million squarefeet of industrial and office space. The land is located in Arizona and southFlorida.

The company said the properties were 88.9% leased as at June30.

The transaction is expected to complete in the late thirdquarter, and the agreement is not subject to due diligence or financingcontingencies, the company said.

The sale is in line with the trust's to sell approximately $1 billion ofits noncore suburban assets in 2016.