NEWPORT BEACH, Calif., Nov. 9 /PRNewswire/ -- Pacific Gulf Properties Inc.
(NYSE: PAG) announced that, at a special meeting of shareholders held today,
shareholders approved the Company's sale of its industrial properties
portfolio to CalWest Industrial Properties, as well as the sale of the
Company's remaining assets and subsequent liquidation and dissolution. Both
proposals received the required vote of a majority of all outstanding voting
shares of the Company's common and preferred stock.
Glenn Carpenter, the Company's Chairman and Chief Executive Officer, said
"We are extremely pleased that our shareholders have supported the
determination by our management and board of directors that these transactions
present the best opportunity in today's market environment to maximize value
for our shareholders."
The Company anticipates that the initial closing of the industrial
property sale will occur this month for an aggregate price of approximately
$856.9 million, excluding one property that has been deleted from the
transaction and four other properties that may require additional remediation
before sale or that may be deleted from the sale.
The Company has closed on the sale of four of its multifamily apartment
properties, receiving an aggregate price of approximately $60.5 million. The
Company also has pending sales for seven of its eight multifamily apartment
properties for an aggregate purchase price of approximately $62.0 million,
although such transactions remain subject to several conditions and there can
be no assurance that they will close. The Company has not entered into any
definitive agreements for the sale of its remaining assets.
If the initial closing of the industrial property sale and the closing of
the multifamily apartment sales occur as currently scheduled, the Company
anticipates making an initial special distribution of proceeds to its
shareholders in mid-December.
Pacific Gulf Properties is a real estate investment trust (REIT) that
owns, develops and manages a portfolio of industrial properties targeting
small to mid-size tenants in selected high-growth U.S. western markets. The
Company's industrial portfolio includes 72 properties encompassing more than
14.9 million square feet of space. Pacific Gulf also maintains a multifamily
portfolio that includes eight rental communities comprising approximately
1,500 units designed for the burgeoning population of active seniors age
55 and better. The company is headquartered in Newport Beach, California.
For more information please visit the Company's web site, http://www.pacificgulf.com.
Forward-looking statements and comments in this press release are made
pursuant to the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934. Such statements relating to, among other things,
events, conditions, prospects and financial trends that may affect the
company's future plans of operations, business strategy, growth of operations
and financial position are not guarantees of future performance and are
necessarily subject to risks and uncertainties, some of which are significant
in scope and nature, including without limitation, increased competition,
adverse economic trends, increasing interest rates and other factors.
SOURCE Pacific Gulf Properties Inc.
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Related links:
http://www.pacificgulf.com
Company News On-Call:
http://www.prnewswire.com/comp/671475.html or fax,
800-758-5804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer,
949-223-5000, or Victoria J. Baker, General Information,
703-370-8652, both of Pacific Gulf Properties Inc.
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