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FACTORY MERCHANTS MALLS BREAKS GROUND ON EXPANSION OF OSAGE BEACH, MO., OUTLET MALL

 FACTORY MERCHANTS MALLS BREAKS GROUND ON
 EXPANSION OF OSAGE BEACH, MO., OUTLET MALL
 LOS ANGELES, March 5 /PRNewswire/ -- Angeles Corp. (AMEX: ANG) has announced that its Factory Merchants Malls Inc. affiliate has broken ground on a 145,000-square-foot expansion of its factory outlet mall in Osage Beach, Mo. Construction financing for the $12 million expansion is being provided primarily by Valley View State Bank in Overland Park, Kan.
 The only factory-direct center in the Lake of the Ozarks region, the Osage Beach mall is already recognized as one of the premier projects in the country, according to Factory Merchants President Jeremy Serwer. "We have been very happy with operations at the Osage Beach Mall, and look forward to further involvement in the regional economy."
 The center was built in two phases, the second of which opened in 1988, and is 100 percent occupied with quality tenants. "And the next phase is fully committed, with a waiting list of prime tenants," Serwer said.
 Among the largest owner/operators in the rapidly expanding outlet mall business, Factory Merchants also owns a mall in Branson in southwest Missouri's Ozark mountain region. Branson is considered the "Broadway of country music" with its 24 existing theaters and two additional theaters to be completed in 1992, one of which is the Johnny Cash Theater to be located near the Branson mall.
 Other Factory Merchants malls are located in California, North Carolina, Tennessee and Virginia.
 Angeles Corp. is a Los Angeles-based real estate investment management company with approximately $1.5 billion of assets under management.
 -0- 3/5/92
 /CONTACT: Steve Leach of Angeles Corp., 800-421-4374, ext. 598 or 213-284-3598/
 (ANG) CO: Factory Merchants Inc. ST: California IN: REA SU:


AL -- LA018 -- 5496 03/05/92 13:34 EST
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Publication:PR Newswire
Date:Mar 5, 1992
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