Safanad To Acquire 108 Properties for USD 969 Million from Liberty Property Trust
NEW YORK, July 27, 2016 /PRNewswire/ -- Safanad (http://safanad.com) a global principal investment firm, is pleased to announce that it has formed a strategic partnership with Workspace Property Trust ("WPT"), led by industry veterans Thomas Rizk and Roger Thomas, to acquire 108 office and flex buildings within five markets in four states from Liberty Property Trust for approximately USD 969 million. The sale is expected to close late in the third quarter of 2016.
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Kamal Bahamdan, Chief Executive Officer and Founder of Safanad commented, "At Safanad, we align ourselves with experienced industry partners through carefully selected investments. We are looking forward to working with Tom, Roger and the rest of the Workspace team who have extensive experience and a distinguished track record of creating value in suburban office markets. We have worked with and known them for over 20 years and this experience gives us great confidence in the future of this platform."
Thomas Rizk, Chief Executive Officer and founding principal of WPT commented, "We are excited about entering into this new relationship with Safanad and this acquisition represents the next step of our strategic plan to build a portfolio of high quality, well-positioned suburban real estate assets."
This portfolio consists of assets in the following markets:
| City |
# of Buildings |
Square Feet |
Land (Acres) |
| Arizona |
14 |
1,078,652 |
18.1 |
| Florida (South) |
11 |
1,136,020 |
8.6 |
| Florida (Tampa) |
34 |
1,799,568 |
- |
| Minnesota |
19 |
1,488,832 |
- |
| Pennsylvania |
30 |
2,075,764 |
- |
| Total |
108 |
7,578,836 |
26.7 |
About Safanad
Safanad (http://www.safanad.com/) is a global principal investment firm that invests in real estate, private equity and public markets. As principal 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 Safanad Media Enquiries: info@safanad.com / +971 4 312 9700
About Workspace Property Trust
Workspace Property Trust (http://www.workspaceproperty.com/) 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 Workspace Property Trust Media Enquiries: +1 212 980 0100
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