Liberty Property Trust To Sell Properties Worth $705 Mln -Quick Facts

(RTTNews) - Liberty Property Trust (LRY) Thursday announced agreement to sell 97 properties, consisting of office and industrial properties, for approximately $705 million.

The sale consists 6.6 million square feet of space and 159 acres of land, including 4.0 million square feet of office properties, 2.3 million square feet of flex properties and 274,000 square feet of industrial properties.

The assets being sold also include Liberty's Jacksonville, Florida portfolio in its entirety, all of the office properties in Maryland, Southern New Jersey and the Fort Washington submarket of Philadelphia and flex properties in Minnesota.

The transaction is expected to close in stages with a first closing in late 2013 and a second closing in early 2014 and is subject to the satisfaction of customary closing conditions.

"We expect these steps to enhance our ability to exploit our expertise in creating and managing high-quality office environments in which we can create significant future value, " William Hankowsky, chairman and chief executive officer of Liberty.