MALVERN, Pa., July 31, 2013 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY) announced today that it plans to sell 21,000,000 newly issued common shares in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission. Liberty expects to grant the underwriters a 30-day option to purchase up to an additional 3,150,000 common shares. Liberty expects to use the net proceeds from the offering to fund a portion of the purchase price for the previously announced $1.475 billion acquisition of the operating partnership of Cabot Industrial Value Fund III. The closing of the offering is not conditioned upon the consummation of the acquisition. If the acquisition is not consummated, Liberty plans to use the net proceeds from the offering for working capital and general corporate purposes, including to repay borrowings under Liberty's credit facility. Citigroup and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. The offering may be made only by means of a prospectus supplement and accompanying prospectus. A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling toll-free 1-800-831-9146; or Goldman, Sachs & Co., 200 West Street, New York, NY 10282, Attn: Prospectus Department or by calling toll-free 1-866-471-2526. This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities, blue sky or other laws of any such state or other jurisdiction.