Safanad Establishes Suburban Office Investment
Safanad Limited, a global principal investment firm, in a strategic partnership with Workspace Property Trust, a real estate investment firm led by long-term successful industry veterans Thomas Rizk and Roger Thomas, and Square Mile Capital, a diversified real estate investment firm, announced today that it has acquired 108 buildings and 26.7 acres of land, in five markets from Liberty Property Trust for approximately $969 million.
This acquisition forms an integral part of the Safanad Suburban Office Partnership, a real estate investment platform totalling approximately 148 buildings across 4 U.S. states with over 10 million square feet of leasable space. The Partnership now manages over $1.3 billion dollars of assets, continuing on its strategic plan to build a portfolio of superior, well-positioned suburban real estate assets.
The portfolio boasts strong, consistent overall occupancy and financial performance. Workspace Property Trust, previously acquired 41 buildings in Horsham, Pennsylvania from Liberty Property Trust in 2015, which were simultaneously contributed by WPT to the Safanad Suburban Office Partnership, bringing the total market value of assets managed to over $1.3 billion.
Kamal Bahamdan, Chief Executive Officer and Founder of Safanad commented, “Safanad’s approach to investing aligns very well with Workspace Property Trust’s vision and strategic plan of building a strong overall portfolio in vibrant submarkets. We have great confidence that our partnership with Tom and Roger will create tremendous value in these suburban office markets.”
Safanad is a global principal investment firm that invests directly in real estate and private equity transactions. As principal-led investors, Safanad preserves and grows wealth through a disciplined, industry focused investment approach that builds relationships with exceptional management partners and top industry leaders. With offices in New York, Dubai and London, the firm seeks to identify global investment opportunities poised to deliver consistently attractive returns, where the firm’s capital and investment expertise support value creation.