SAN DIEGO, Dec. 5 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of the San Diego
Factory Outlet Center located in San Diego, California, and Meridian Village
Shopping Center, located in Bellingham, Washington. Representing an
approximate total of 465,000 square feet, the two centers were purchased for
an aggregate of $48.7 million by Retail Value Investment Program, a joint
venture comprised of Developers Diversified, Coventry Real Estate Partners and
Prudential Real Estate Investors. Burnham Pacific will realize an aggregate
gain on sale of approximately $3.5 million. Proceeds from the sales will be
used to reduce outstanding indebtedness and for reserves as stated in the
Company's proxy statement relating to its 2000 Annual Meeting of Stockholders.
The sales represent the first two of a portfolio of properties targeted
for sale under a previously announced Purchase and Sale Agreement with The
Prudential Insurance Company of America, with the remaining properties having
an aggregate purchase price of approximately $267.9 million. Assuming
stockholder approval of the Company's plan of liquidation, the Company
anticipates that these remaining properties will close escrow from time to
time following such approval.
Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
that focuses on value-added retail real estate opportunities. More
information on Burnham may be obtained by calling 800.462.5181 or by visiting
the Company's web site at http://www.burnhampacific.com.
Prudential Real Estate Investors provides global real estate money
management services to clients in the United States, Europe, Asia and Latin
America. It manages more than $13.8 billion in assets on behalf of
325 institutional clients as of June 30, 2000.
This press 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, the following: we may be
unsuccessful in implementing our liquidation strategy; we may not be able to
complete the liquidation in a timely manner or realize proceeds from the sales
of assets in amounts that will enable us to provide currently anticipated
liquidating distributions to our stockholders; we have approximately
$217.4 million of outstanding indebtedness which has matured or is scheduled
to mature by March 31, 2001, and we may be unable to refinance, replace or
extend any or all of this indebtedness on terms that are favorable to the
Company, or at all; and occupancy rates and market rents may be adversely
affected by the economic and market conditions which are beyond our control,
including imbalances in supply and demand for retail shopping center space and
the financial condition of our tenants.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
Burnham Pacific Properties, Inc. has filed a definitive proxy statement
that is publicly available to its stockholders. Burnham Pacific mailed the
proxy statement to its stockholders on or about November 29, 2000. Investors
and security holders of Burnham Pacific are advised to read the proxy
statement carefully because it contains important information about the plan
of liquidation and the election of Directors, the persons soliciting proxies
and their interests in the liquidation and the election of Directors, and
related matters. Investors and security holders may obtain free copies of the
proxy statement and other documents filed by Burnham Pacific at the Securities
and Exchange Commission's web site at http://www.sec.gov.
Free copies of the proxy statement are also available from Burnham Pacific
by directing such requests to the attention of Mr. Daniel B. Platt, Chief
Financial Officer, Burnham Pacific Properties, Inc., 110 West A Street, San
Diego, California 92101, telephone (619) 652-4700.
INFORMATION CONCERNING PARTICIPANTS
Burnham, its directors, executive officers and certain other members of
management and employees may solicit proxies from Burnham stockholders in
favor of the plan of liquidation and the election of Directors. As of the
date of this press release, the officers and directors of Burnham each
beneficially own less than 1% of the outstanding common stock of Burnham,
other than Malin Burnham who beneficially owns approximately 1.7% and Jay L.
Schottenstein and Michael L. Ashner who beneficially own as a "group"
approximately 9.8%.
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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