NEW YORK, Oct. 6, 2016 /PRNewswire/ -- Safanad Limited, a
global principal investment firm, in a strategic partnership with
Workspace Property Trust ("WPT"), a real estate investment firm led
by long-term successful industry veterans Thomas Rizk and Roger
Thomas, and Square Mile Capital, a diversified real estate
investment firm, announced today that it has acquired 108 buildings
and 26.7 acres of land, in five markets from Liberty Property Trust
(NYSE: LPT) for approximately $969
million.
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This acquisition forms an integral part of the Safanad Suburban
Office Partnership, a real estate investment platform totalling
approximately 148 buildings across 4 U.S. states with over 10
million square feet of leasable space. The Partnership now manages
over $1.3 billion dollars of assets,
continuing on its strategic plan to build a portfolio of superior,
well-positioned suburban real estate assets.
The portfolio boasts strong, consistent overall occupancy and
financial performance. Workspace Property Trust, previously
acquired 41 buildings in Horsham,
Pennsylvania 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.
Kamal Bahamdan, Chief Executive Officer and Founder of Safanad
commented, "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. We have great
confidence that our partnership with Tom and Roger will create
tremendous value in these suburban office markets."
The Safanad Suburban Office Partnership portfolio breakdown of
assets is as follows:
|
|
|
|
|
|
Square
|
|
|
|
|
%
Total
|
|
Market
|
Properties
|
|
|
|
|
Feet
|
|
|
|
|
Square
Feet
|
|
Malvern /
Chesterbrook, PA
|
30
|
|
|
|
|
2,075,764
|
|
|
|
|
21%
|
|
Horsham,
PA
|
40
|
|
|
|
|
2,350,449
|
|
|
|
|
24%
|
|
Tampa, FL
|
34
|
|
|
|
|
1,799,568
|
|
|
|
|
18%
|
|
South
Florida
|
11
|
|
|
|
|
1,135,410
|
|
|
|
|
11%
|
|
Minneapolis,
MN
|
19
|
|
|
|
|
1,488,832
|
|
|
|
|
15%
|
|
Phoenix,
AZ
|
14
|
|
|
|
|
1,078,652
|
|
|
|
|
11%
|
|
Total
|
148
|
|
|
|
|
9,928,675
|
|
|
|
|
100%
|
About Safanad
Safanad is a global principal investment firm that invests
directly in real estate and private equity transactions. As
principal-led investors, Safanad preserves and grows wealth through
a disciplined, industry focused investment approach that builds
relationships with exceptional management partners and top industry
leaders. With offices in New York,
Dubai and London, the firm seeks to identify global
investment opportunities poised to deliver consistently attractive
returns, where the firm's capital and investment expertise support
value creation. For more information, please contact
vpica@safanad.com (U.S. queries) or mfayad@safanad.com (non-U.S.
queries).
About Workspace Property Trust
Workspace Property Trust is a privately held, vertically
integrated, full service commercial real estate company
specializing in the development, management, and operation of
office and flex space. Workspace Property Trust is a partnership
between Rizk Ventures, Forum Partners, JPM Group, EverWatch
Capital, and with the closing of this transaction, Safanad. For
more information, visit www.workspaceproperty.com