DONAHUE SCHRIBER SELLS A 50 PERCENT INTEREST TO
CAMBRIDGE SHOPPING CENTRES LIMITED, OF TORONTO
NEWPORT BEACH, Calif., Nov. 18 /PRNewswire/ -- Daniel W. Donahue and Thomas L. Schriber of Donahue Schriber, a California corporation, announced today that Cambridge Shopping Centres Limited (Toronto, Montreal: CBG), through its wholly owned U.S.subsidiary, has purchased shares of Donahue Schriber -- representing 50 percent of its outstanding share capital.
Donahue Schriber, based in Newport Beach, is a recognized leader in the development, leasing and management of retail centers (regional and community), office towers and multi-use commercial projects on the west coast. The firm's development leasing and management portfolio currently includes 14 centers with over 7.3 million square feet and nearly 1,500 tenants. Donahue Schriber is currently developing more than 2.6 million additional square feet, including Murrieta Springs Mall, a 650,000-square-foot regional shopping center located in Riverside County.
Cambridge is a major Canadian real estate investment company with a property portfolio comprising 29 regional shopping centers and 11 downtown or community centers. It also owns and manages four urban mixed-use properties and has an interest in another such property.
As well, it owns and manages interests in office buildings associated with shopping centers and free-standing department stores. The corporation owns an interest in 21 self-storage facilities, containing approximately 1.2 million square feet in rentable areas located in Western Canada, operating under the "Sentinel" and "On- Guard" names. The total property portfolio contains approximately 25.9 million square feet of rentable area, with shopping centers accounting for 18.8 million square feet.
According to Donahue, chairman of Donahue Schriber, the new company resulting from the purchase will develop and acquire retail and mixed-use projects in the western United States.
"This step allows Cambridge to expand its activity in the United States while providing Donahue Scriber with new financial capabilities," Donahue said. "Cambridge, a company with assets in excess of $2.4 billion (Canadian dollars), has strong ties with pension funds and international financial institutions. We are delighted with the tremendous new opportunities this will bring to Donahue Schriber."
Management of the firm will remain under Donahue and Schriber. Donahue Schriber will maintain its current name.
The common shares of Cambridge are listed on the Toronto and Montreal stock exchanges under the trading symbols CBG, the 8 percent convertible subordinated debentures of Cambridge are listed on the Toronto Stock Exchange under the trading symbol CBG.D and the 7.5 percent convertible subordinated debentures are listed on the Toronto Stock Exchange under the trading symbol CBG.Q
Donahue Schriber Projects
Regional Centers and Neighborhood Community Centers
Centennial Plaza Shopping Center, Hanford, Calif.
Central City Mall, San Bernardino, Calif.
Central City South, San Bernardino, Calif
The Courtyard Specialty Shops, Tustin, Calif.
Del Mar Highlands Town Center, Del Mar, Calif.
Del Norte Plaza, Escondido, Calif.
The Esplanade, Oxnard, Calif.
Galleria At Tyler, Riverside, Calif.
Glendale Galleria, Glendale, Calif.
Hemet Valley Mall, Hemet, Calif.
La Jolla Village Center, La Jolla, Calif.
Montebello Town Center, Montebello, Calif.
Tustin Market Place, Tustin, Calif.
Victor Valley Town Center, Victorville, Calif.
Commercial Office Buildings
Galleria Tower, Glendale, Calif.
Sequoia Professional Center, Visalia, Calif.
Tustin Corporate Center, Tustin, Calif.
Projects in Development
Murrieta Springs Mall, Murrieta, Calif.
Del Mar Highlands Expansion
The Esplanade Expansion
Glendale Galleria Expansion
Hemet Valley Mall Expansion
/CONTACT: Eileen Bohen of Donahue Schriber, 714-854-2100; or William W. Tinmouth of Cambridge - Toronto, 416-369-1324/
(CBG) CO: Cambridge Shopping Centres Limited, Donahue Schriber ST: California IN: REA SU: SE-AL -- LA030 -- 4692 11/18/91 18:09 EST