Middle Eastern Group's $1B US Portfolio Acquisition
Dubai-based investment firm Safanad Ltd purchased 108 US buildings from Liberty Property Trust for $969M.
Safanad partnered with real estate investment firms Workspace Property Trust—led by CRE vets Thomas Ritz and Roger Thomas—and Square Mile Capital. The Dubai firm’s real estate investment platform—Safanad Suburban Office Partnership—now owns 148 office buildings in the US with roughly 10M SF of leasable space, CoStar reports.
The properties are in Pennsylvania, Florida, Minnesota and Arizona and were sold as part of Liberty Property Trust’s strategy to reposition its portfolio away from suburban office in favor of industrial property, which has been in the works since 2011. [CoStar]