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Dubai’s Safanad Establishes $1.3 Billion U.S. Suburban Office Investment Platform

Completes Acquisition of Liberty Property Trust Portfolio in Partnership with Workspace Property Trust, Square Mile Capital
October 10, 2016
Safanad Ltd., a Dubai-based global investment firm, in partnership with Workspace Property Trust, a real estate investment firm led by CRE veterans Thomas Rizk and Roger Thomas, and Square Mile Capital, a diversified real estate investment firm, completed their acquisition of 108 buildings and 26.7 acres of land, in five markets from Liberty Property Trust (NYSE: LPT) for $969 million.

This acquisition is now part of the Safanad Suburban Office Partnership, a real estate investment platform totaling approximately 148 buildings across four U.S. states with nearly 10 million square feet of leasable space.

Workspace Property Trust previously acquired 41 buildings in Horsham, PA from Liberty Property Trust in 2015, which were simultaneously contributed by WPT to the Safanad Suburban Office Partnership, bringing the total market value of assets managed to over $1.3 billion.

The partnership plans to continue to add to its portfolio of suburban real estate assets.

"Safanad's approach to investing aligns very well with Workspace Property Trust's vision and strategic plan of building a strong overall portfolio in vibrant submarkets,” said Kamal Bahamdan, CEO and founder of Safanad.

The Safanad Suburban Office Partnership portfolio breakdown is as follows:

Market -- Properties -- Square Feet

  • Malvern / Chesterbrook, PA -- 30 -- 2,075,764
  • Horsham, PA -- 40 -- 2,350,449
  • Tampa, FL -- 34 -- 1,799,568
  • South Florida -- 11 -- 1,135,410
  • Minneapolis, MN -- 19 -- 1,488,832
  • Phoenix, AZ -- 14 -- 1,078,652
  • Total -- 148 -- 9,928,675

    For Liberty Property Trust, the sale marks a major step in the REIT's ongoing strategy launched in 2011 to reposition its portfolio away from suburban office and flex holdings in favor of industrial property and new development.

    Liberty Property Trust used the proceeds from the transaction to repay $420 million in outstanding borrowings on its credit facility and expects to use the remaining proceeds to prepay certain unsecured notes, as well as for general corporate purposes.

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