Bedford Property Investors completes acquisition.LAFAYETTE, Calif.--(BUSINESS WIRE)--Dec. 18, 1996--Bedford Property Investors Inc. (NYSE/PSE:BED) announced today that they had completed the purchase of a 225,000 sq. ft. warehouse in Modesto, Calif., for $3.6 million or $14.32 PSF (Print Services Facility) Software from IBM that performs the printer rasterization for IBM's AFP and other page description languages. PSF products are available for IBM mainframes, AS/400 and RS/6000 series and output the IPDS format for IBM printers. . The building is fully leased to a single tenant under a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. agreement. The acquisition is projected to yield 11.5% in the first year and was purchased via a "downreit" transaction, whereby Bedford issued partnership units convertible into REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). shares to the seller. This marks the first downreit transaction completed by Bedford Property Investors. "We foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. an expanding market for downreit transactions," stated Peter B. Bedford, chairman of the board of Bedford Property Investors. "This will become a growing segment of the market, as institutions and individuals seek better liquidity for real property by converting individual assets into REIT shares. This transaction sets the platform whereby we can position our REIT to take advantage of these types of opportunities as they arise." Bedford Property Investors is a self-administered equity real estate investment trust (REIT) with investments in suburban office buildings and industrial properties concentrated 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 . CONTACT: Bedford Property Investors Inc. Peter B. Bedford/Donald A. Lorenz, 510/283-8910 |
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