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Reckson Sees Possible Growth in LPT

MELVILLE, NY-Reckson is looking to possibly increase the amount in its Australian LPT. The REIT expects to make $500 million worth of acquisitions and $300 million worth of sales.

By Barbara Jarvie | Updated on May 04, 2006

MELVILLE, NY-Reckson Associates Realty Corp. is looking to possible place more of its assets into its Australian LPT vehicle. In this quarter, the REIT closed tranche II of the Australian listed property trust transaction with Reckson New York Property Trust. In the closing, Reckson sold three suburban core plus properties containing approximately 760,000 sf for approximately $84.6 million, including the assignment of approximately $20.1 million of mortgage debt.

“Australia has been extremely receptive to the Reckson story,” said Scott Rechler, Reckson’s chief executive officer during the firm’s first-quarter results conference call. “Scale is critical in its success and the LPT’s success is critical for Reckson’s success. We’ll be in better position to capture imbedded value.”

No dollar amount has been determined, but Rechler said it could be “a few hundred million.” Also, no properties have been identified as of yet. “We’re trying to find the right mix of growth and stability.” For previous coverage on Reckson’s LPT, click here .

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