Liberty Property acquires Republic Property in deal valued at $900 million

By Angela McDaniels

Seattle, Oct. 4 - The acquisition of Republic Property Trust by Liberty Property Trust was completed on Thursday, according to a news release.

Each common share of Republic and each partnership unit of its operating partnership was converted into the right to receive $14.70 in cash, and the stock was delisted from the New York Stock Exchange at the close of business on Thursday.

As previously reported, Liberty agreed on July 24 to acquire Republic, and Republic shareholders approved the merger at a special meeting on Sept. 27. The deal is valued at about $900 million, including the assumption of $415 million in debt.

The portfolio of 14 properties acquired from Republic Property will be operated in a joint venture between Liberty and New York State Common Retirement Fund.

According to the release, the joint venture, in which Liberty holds a 25% interest, is originally valued at $900 million and is expected to grow to $2.2 billion through the acquisition and development of additional properties in the Washington, D.C., and northern Virginia markets.

Liberty's new platform will be led by John Gattuso, senior vice president for urban and national development, who will assume the role of regional director for a new region incorporating Washington, northern Virginia and Philadelphia.

Liberty is a Malvern, Pa., real estate developer. Republic is a Washington, D.C.-based real estate investment trust.

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