Ft. Lauderdale, FL (PRWEB) September 25, 2012
Liberty International Holding, Corp. and Planet Five Development have merged in a $40 million cash and stock deal. Today’s announcement represents the tier one completion of Liberty’s plan to build a $1 billion real estate investment platform over the next twelve to eighteen months.
“The timing was right,” says Paul Rohan, President of Planet Five Development. “We believe joining forces will provide a solid platform for new capital; capital that recognizes the real estate market is quickly gaining traction towards recovery.”
The Liberty Planet merger represents over one million square feet of mixed-use properties across the US, with triple-net credit leases for its long-term industrial and retail multi-tenant properties. “Our objective is to aggressively increase shareholder stock value and the implementation of future dividend payments,” says Christopher Anzalone, President and CEO of Liberty International Holding, Corp. “This merger makes that objective tangible, not only by leveraging our strategic ownership of boutique properties in places like South Beach, but also in defensive bread and butter shopping plazas.”
Particular to the Liberty Planet merger is their focus on credit worthy tenants who have proven, through surviving the latest economic downturn, to have sustainable cash flow models. Other properties in the Liberty Planet merger include medical facilities, Walgreens and CVS pharmacies, a planned Winn Dixie and Fresh Markets.
Liberty will continue to trade under its current symbol (LIHC) while seeking a NASDAQ listing. Both companies are based in Florida; Liberty headquartered in Ft. Lauderdale, with Planet Five Development in Jacksonville.