The Associated Press May 3, 2010, 12:14PM ET

HRPT Properties to acquire Australian REIT

HRPT Properties Trust said Monday it has agreed to acquire an Australian real estate investment trust for about $79.2 million, including assumption of debt.

HRPT said it will acquire the MacarthurCook Industrial Property Fund, which owns 10 industrial properties with about 1.4 million square feet in five Australian states. The properties are about 90 percent leased to 16 tenants.

MacarthurCook Industrial Property Fund is an Australian-listed property trust, with units publicly traded on the Australian Securities Exchange.

HRPT, a Newton-based REIT that primarily owns office and industrial properties, said it may close the acquisition during the second half of this year, subject to closing conditions.

The total consideration of $79.2 million includes HRPT's purchase of all the outstanding shares of the Australian REIT, and HRPT's assumption or prepayment of debt, excluding transaction costs.

Shares of HRPT rose 15 cents to $7.99 in midday trading.


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