WAYNE, Pa., Sept. 05, 2019 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE: LPT) announced today the pricing of its underwritten public offering of 8.0 million of its common shares at a price to the public of $50.50 per share. In addition, Liberty has granted the underwriters an option to purchase up to an additional 1.2 million common shares at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering are expected to be approximately $404 million before deducting underwriting discounts and commissions and estimated offering expenses payable by Liberty. The offering is expected to close on September 10, 2019, subject to customary closing conditions. The net proceeds will be used for the early redemption of the $350 million 4.75% senior notes due October 1, 2020 of Liberty’s operating partnership, with any remainder to be used for working capital and general corporate purposes, including repayment of borrowings under Liberty’s credit facility.

Goldman Sachs & Co. LLC and Citigroup are acting as joint book-running managers of the offering.

About Liberty Property Trust

Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States through the development, acquisition, ownership and management of superior logistics, warehouse, manufacturing, and R&D facilities in key markets. Liberty’s 109 million square foot operating portfolio provides productive work environments to 1,200 tenants.