REIT Allies With Colorado Pension Fund

Liberty Property Trust, Malvern, Pa., has entered into a $123 million joint venture with the Public Employees' Retirement Association of Colorado.In this connection, the real estate investment trust said it has sold or contributed 28 distribution centers totaling 3.1 million square feet, and about 50 acres of land, from its southern New Jersey industrial portfolio. Liberty is retaining a 25% stake in the venture and has realized proceeds of approximately $110 million from the transaction, the REIT said. The venture -- from which Liberty will receive management fees and possibly a performance-based interest -- will be financed with approximately 60% debt. Liberty, which specializes in office and industrial properties, can be found online at http://www.libertyproperty.com.