BRE BUYS TRAMMELL CROW.Byline: Robert Burgess Bloomberg News BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than Properties Inc. bought the West Coast assets and operations of Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. Residential for $600 million in cash, securities and assumed debt, making it one of the largest apartment owners in the West. The move will boost San Francisco-based BRE's apartment portfolio by 55 percent to 21,021 units in 82 properties stretching from Washington to New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . BRE also will gain closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. Trammell Crow's development and property management operations for 12,000 apartments owned by others. The purchase marks the latest large transaction by a real estate investment trust, or REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , as they look to expand their portfolios quickly to take advantage of the premium investors are paying for fast-growing, diversified companies. The fastest-growing REITs are finding they can spread their costs over a larger number of properties, becoming more efficient. ``What we eventually will have is a bifurcation Bifurcation A term used in finance that refers to a splitting of something into two separate pieces. Notes: Generally, this term is used to refer to the splitting of a security into two separate pieces for the purpose of complex taxation advantages. in this industry, with the market dominated by very large, low-cost producers and small, niche operators,'' said Chris Hartung, an analyst at Montgomery Securities in San Francisco. ``This brings BRE to that next level.'' BRE President and Chief Executive Frank McDowell said the company plans to use Trammell Crow's development expertise to spend about $200 million a year building 2,500 apartment units. ``This acquisition creates for us a dominant presence in our markets,'' McDowell said. ``It's clearly becoming a business of the haves and have-nots.'' BRE said the transaction, which was approved by its board, is expected to be completed in November. It will make BRE one of the five largest REITs in the United States. Officials at Atlanta-based Trammell Crow Residential said it has no plans to sell the other 30,000 apartment units it owns in partnerships with regional developers. What they have When BRE Properties Inc. and Trammell Crow Residential merge, about half of the new company's holdings will be in California, mostly in the Bay Area.Locally, the company will own the Park Glenn apartment unit in Camarillo and another one in Northridge called Candlewood can·dle·wood n. 1. Any of several trees or shrubs yielding a usually resinous wood. 2. The wood of such a plant, burned for light or fuel. 3. The ocotillo. Noun 1. North. Most of the combined companies' other Southern California properties are in Orange County. CAPTION(S): Box Box: What they have (See text) |
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