MALVERN, Pa., March 25 /PRNewswire-FirstCall/ -- Liberty Property Trust (NYSE: LRY) has announced the closing of six mortgage loans totaling $317 million secured through several major life insurance companies.

Five mortgages are secured by industrial property portfolios, and one by office properties. Approximately one-half of the mortgage proceeds are through three-year floating rate loans, each of which has two one-year renewal options. The other half of the mortgage proceeds are through fixed rate, seven-year loans. The weighted average interest rate on this financing is approximately 7.1%.

'Given the capital constrained environment, we are very pleased that we have been able to complete our planned secured financings for 2009 so early in the year,' said Bill Hankowsky, chief executive officer.

Liberty Property Trust (NYSE: LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 77 million square foot portfolio includes more than 700 properties which provide office, distribution and light manufacturing facilities to 2,000 tenants.

SOURCE Liberty Property Trust