SAN DIEGO, Oct. 18 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that its agreement to sell nineteen properties to
GMS Realty, LLC (GMS) for approximately $305 million has been terminated. GMS
exercised its right to terminate pursuant to its rights under the purchase
agreement. The agreement with GMS was one of three previously announced
agreements entered into by the Company to further its objective of liquidating
the Company. The other two agreements, a Liquidation Services Agreement with
DDR Real Estate Services, Inc. and a Purchase and Sale Agreement with The
Prudential Insurance Company of America, remain in effect.
Scott C. Verges, Burnham's President and interim Chief Executive Officer,
stated, "Although we are disappointed that our agreement with GMS has been
terminated, we continue to believe that the nineteen properties comprise an
excellent portfolio of shopping centers, and other potential buyers have
recently expressed interest in acquiring the properties. We remain committed
to the successful liquidation of the Company in an orderly manner."
Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
that focuses on value-added retail real estate opportunities. On a quarterly
basis, Burnham makes available supplemental information that includes property
and corporate level detail which is available upon request. More information
on Burnham 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 that predict or
indicate future events or trends or that do not relate to historical matters.
There are a number of important factors that could cause actual events to
differ materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, uncertainties in the Company's
liquidation process and the Company's ability to consummate binding agreements
with prospective purchasers of its assets, as well as other factors discussed
in the Company's periodic reports filed with the Securities and Exchange
Commission, including the risk factors that were disclosed in our Form 10-K
which was filed with the SEC on March 30, 2000. You should be aware that the
risk factors contained in that Form 10-K may not be exhaustive. Therefore, we
recommend that you read the information in that Form 10-K together with other
reports and documents that we file with the SEC from time to time, including
our Forms 10-K, 10-Q and 8-K, which may supplement, modify, supersede or
update those risk factors.
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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