WAYNE, Pa., Sept. 05, 2019 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE: LPT)  announced today that it has commenced an underwritten public offering of 8.0 million of its common shares. All of the common shares to be sold in the offering will be offered by Liberty. In addition, Liberty expects to grant the underwriters an option to purchase up to an additional 1.2 million of common shares at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering. 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.