Republic Property Trust To Be Sold

Republic Property Trust, the District real estate company embroiled in a long-running dispute with its founder and president, announced that it reached agreement to merge with Liberty Property Trust in a deal valued at $850 million.

Under the terms of the agreement, Liberty will acquire all of Republic's outstanding common shares for $14.70 per share in cash, a 28 percent premium over Republic's closing share price on Monday.

Republic's current portfolio is focused on the greater Washington market.

Board members for the trust spent much of the past year sparring with founder Richard L. Kramer, and Steven A. Grigg, its president and vice chairman, after an internal review of their involvement with a city official in West Palm Beach, Fla., who voted on a mixed-use project Republic was hired to build there.

Kramer and Grigg have denied any impropriety and the review found no wrongdoing on the part of the trust.

By Dan Beyers  |  July 24, 2007; 7:49 AM ET  | Category:  Real Estate
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