Workspace Property Trust and SAFANAD Limited signed an agreement to acquire a real estate portfolio of 108 properties from Liberty Property Limited Partnership for approximately $970 million on July 22, 2016. Liberty Property Limited Partnership agreed to sell all of rights, titles and interests in a real estate portfolio consisting of 108 properties in the deal. The purchase price of $969 million will be paid in cash as a deposit of $10 million at signing and the balance at closing subject to adjustment for closing pro-rations, allocations and adjustments. There are limited conditions to closing, such as the occurrence of a breach by Liberty Property Trust that results in a material adverse change in the aggregate value of the properties being sold, the agreement is not subject to due diligence or financing contingencies. The closing will occur late in the third quarter of 2016. The closing will occur late in first week of October 2016. Liberty expects to use proceeds from this sale to reduce aggregate indebtedness outstanding on the company’s unsecured revolving line of credit and by prepaying up to $700 million of unsecured senior indebtedness. J.P. Morgan Securities, LLC served as financial advisor to Liberty. Workspace Property Trust and SAFANAD Limited completed the acquisition of a real estate portfolio of 108 properties from Liberty Property Limited Partnership on October 3, 2016. The transaction was funded with $259 million of mezzanine debt, $99 million of preferred equity, and $109 million of cash equity contributed by the loan sponsor.