ADVANCE Arbor Property Trust announces its intention to pursue a merger or a sale of the company's real estate.(ADVANCE) WEST CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Feb. 14, 1995-- Arbor Property Trust (NYSE NYSE See: New York Stock Exchange :ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R ) announced that it has retained Goldman Sachs & Co. as its financial advisor to assist in arranging either a merger of Arbor into a larger, more stable REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , or a sale of the company's real estate. Myles H. Tanenbaum, president and chief executive officer of the company, stated: "The Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. has decided to pursue this course of action because market conditions at this time make it impracticable to advantageously finance an acquisition strategy and we do not believe that the market will appropriately value the company as a single property REIT." The company does not intend to make any further comments until such a time as an agreement in principle has been entered into or the pursuit of such a transaction is terminated. Arbor Property Trust owns and operates Green Acres Mall Green Acres Mall is an indoor shopping mall located in Valley Stream, New York, off of Sunrise Highway in Nassau County right off the border of New York City. The mall has a gross leasable area (GLA) of 1,635,000 square feet (152,000 m²). , a super-regional shopping mall. (End of advance for release 4 p.m. Feb. 14.) CONTACT: Arbor Property Trust, West Conshohocken Myles H. Tanenbaum, 610/941-2992 |
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