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Liberty Property Trust launches common stock offering

Liberty Property Trust is planning a public offering of 8.0 million common shares.

The industrial real estate investment trust aims to grant an option to the underwriters to acquire up to 1.2 million additional shares.

Based on the company's closing stock price of $52.08 per share on Sept. 5, gross proceeds, including the additional-share option, are expected to total approximately $479.1 million.

The REIT will use net proceeds mainly for the early redemption of its operating partnership's $350 million of 4.75% senior notes due Oct. 1, 2020.

Goldman Sachs & Co. LLC and Citigroup are joint book-running managers.