Printer Friendly

American Financial Realty Trust Completes Sale of 30% Minority Ownership Interest in State Street Financial Center.

American Financial Realty Trust , a real estate investment trust focused on acquiring and leasing properties occupied by financial institutions, today announced that is has completed the previously announced sale of a 30% minority ownership interest in State Street Financial Center to an affiliate of IPC US Real Estate Investment Trust ("IPC"), a publicly-traded Canadian REIT. AFR sold the 30% interest for a gross purchase price of approximately $60.3 million in cash.

"We are pleased to welcome IPC as a partner in State Street Financial Center," said Nicholas Schorsch, president and chief executive officer of AFR. "This complex transaction went from a letter of intent to contract to closing in just 15 days, reflecting an extraordinary commitment of effort by both companies."

About American Financial Realty Trust

American Financial Realty Trust is a self-administered, self-managed real estate investment trust that acquires properties from, and leases properties to, regulated financial institutions. The Company owns and manages its assets primarily under long-term triple net and bond net leases with banks. The Company is led by chief executive officer Nicholas S. Schorsch and non- executive chairman Lewis S. Ranieri. The Company is traded on the New York Stock Exchange under the ticker symbol AFR.

For more information on American Financial Realty Trust, visit the Company's website at .

CONTACT: Muriel Lange, Investor Relations of American Financial Realty Trust, +1-215-887-2280, ; Analyst Info, Claire Koeneman, +1-312-640-6745, or General Info, Joe Calabrese, +1-212-445-8434, both of Financial Relations Board for American Financial Realty Trust

Web site:
COPYRIGHT 2004 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 23, 2004
Previous Article:Stockholders of ESB Financial Corporation and PHSB Financial Corporation Approve Merger.
Next Article:Mylan Receives Approval for Quinapril Tablets, USP.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters