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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 http://www.afrt.com/ .

CONTACT: Muriel Lange, Investor Relations of American Financial Realty Trust, +1-215-887-2280, mlange@afrt.com ; 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: http://www.afrt.com/
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Publication:PR Newswire
Date:Dec 23, 2004
Words:259
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