SAN DIEGO, July 1 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has elected not to pursue Phase Four of
the acquisition of the retail property portfolio of AMB Property Corporation,
which was described in the Company's March 9th press release. Under the
purchase document, the Company had until June 30, 1999 to decide whether or
not to purchase the last phase of the transaction, consisting of six centers
comprising approximately 1.5 million square feet at a price of $284.5 million.
There is no penalty associated with Burnham's decision not to acquire the last
phase, originally scheduled to close by year-end.
Commenting on the announcement, J. David Martin, Burnham's Chief Executive
Officer, stated, "Based on recent events, Burnham has elected not to fully
commit to the fourth phase of the AMB portfolio acquisition. Our decision is
not a reaction to anything we discovered during our investigation of the
properties, which are of high quality and well located in excellent markets.
We remain fully committed to the acquisition of the second and third phases by
our co-investment joint venture with the California Public Employees'
Retirement System (CalPERS). Together with phase one properties acquired on
June 15, the joint venture will have acquired 25 properties from AMB, having
an aggregate value of approximately $560 million upon completion of the second
and third phases, which are currently scheduled to close approximately August
4th and December 1st, respectively. Due to the contingent nature of the
fourth phase, we had not included its impact in any of our expectations."
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States.
The Company makes available on a quarterly basis supplemental information that
includes property and corporate level detail which is available upon request.
More information on Burnham Pacific may be obtained by calling 800.462.5181,
or visiting the Company's web site at http://www.burnhampacific.com.
This news release contains forward-looking statements regarding future
events or financial performance of the Company. These statements are only
predictions and actual events or results may differ materially. Investors
should refer to the documents the Company files from time to time with the
Securities and Exchange Commission, specifically the cautionary statement
identifying certain factors that could affect future results included in the
"Risk Factors" section of the Company's most recently filed Registration
Statement and in the "Forward Looking Statements & Certain Risk Factors"
section of the Company's most recently filed Form 10K.
SOURCE Burnham Pacific Properties, Inc.
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Related links:
http://www.burnhampacific.com
CONTACT:
Daniel B. Platt, Chief Financial Officer of
Burnham Pacific Properties, Inc., 619-652-4700, fax 619-652-4711,
dbplatt@bpac.com
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