BRE Properties Agrees to Sell Land Under Apartments for $58 Million.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 8, 1996--BRE Properties, Inc. (NYSE NYSE See: New York Stock Exchange :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 ) announced an agreement to sell 47 acres of land under a large apartment complex in Daly City, Calif., to the owner of the improvements for a cash purchase price of $58 million. The sale is subject to certain contingencies, including a five-month due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. period during which the purchaser may review the property, seek to arrange financing and, at the purchaser's election without penalty, terminate the purchase agreement. Assuming satisfaction of closing conditions, the purchase agreement contemplates a closing of the sale between June 14 and September 14, 1996, with the sale intended to be treated by BRE as a tax-deferred exchange. BRE's basis for both book and tax purposes is $7.4 million; accordingly, the company would realize a one-time non-recurring gain on sale of $50.6 million. Frank C. McDowell, president and chief executive officer of BRE, said, "The sale of this passive land lease investment is in line with our strategy to actively shape BRE into the preeminent multifamily real estate investment trust in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . We will redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. the sale proceeds, as a series of tax-deferred exchanges, into several wholly owned apartment communities, thus maintaining our focus and gaining greater diversity within our markets." On October 11, 1995, BRE Properties and Real Estate Investment Trust of California (NYSE:RCT RCT Randomized Controlled Trial RCT Regimental Combat Team (infantry regiment with their own artillery, engineers, medical and tanks) RCT Rollercoaster Tycoon RCT Randomized Clinical Trial RCT Rhondda Cynon Taff ) announced the execution of a definitive agreement in which the two companies will be merged, forming one of the largest multifamily real estate investment trusts in the Western United States. BRE Properties is a self-administered equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) which owns and operates primarily apartment communities in the Western United States. BRE has ownership interests in 8,794 apartment units in eight defined markets in California, Arizona, Washington and Oregon. -0- NOTE: Current disclosure and investor information is available by accessing the companies Internet sites. BRE can be accessed through InvestQuest Services at http://investquest.columbus.oh.us/. REIT of California's site is located at http://reitcal.com. CONTACT: BRE Properties, Inc. Lauren L. Barr, 415/445-6523 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion