Republic Property shareholders say yes to acquisition by Liberty Property Trust

By Lisa Kerner

Charlotte, N.C., Sept. 27 - Republic Property Trust shareholders approved a merger of the company with and into an affiliate of Liberty Property Trust at a special meeting on Thursday.

Over 99% of the total shares that were voted were in favor of the transaction, representing approximately 60.5% of the total number of common shares entitled to vote at the meeting, a company news release stated.

Republic expects the merger to be completed on or about Oct. 4.

It was previously reported on July 24 that Liberty agreed to acquire Republic for $14.70 per share and unit in cash. The deal, valued at about $900 million, includes the assumption of some $415 million in debt.

Following the acquisition, Liberty will own 2.6 million square feet of leased office properties in the greater Washington, D.C. area. Republic's portfolio includes 13 operating properties consisting of 24 office buildings. The company also has a redevelopment property that will comprise an additional 176,000 square feet of office space in downtown Washington D.C.

Liberty is a Malvern, Pa., real estate developer.

Republic is a Washington D.C.-based self-administered and self-managed real estate investment trust.

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