REIT eat REIT
After just 18 months as a public REIT, Republic Property Trust was acquired this week by Liberty Property Trust. This continues the shrinking of the public REIT investment market. At least this transaction involved another public REIT, and not a private equity firm.
In an article issued by Forbes about the acquisition, Wachovia Securities analyst Christopher Haley believes that Liberty’s purchase price equates to cap rates in the mid-6% range. However, based on comments in the article from Republic CEO Mark Keller the new owner’s may have the ability to raise rents in the tight Washington D.C. market.
Liberty Swallows Republic In Capital Affair (Forbes)
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Jul.28.2007. 11:04
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