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FACTORY MERCHANTS MALLS ANNOUNCES SALE OF OSAGE BEACH, MO., FACTORY OUTLET MALL

 LOS ANGELES, Jan. 4 /PRNewswire/ -- Angeles Corp. (AMEX: ANG) has announced that its Factory Merchants Malls Inc. unit has entered into a contract to sell its factory outlet mall in Osage Beach, Mo.
 The buyer is New York-based New Plan Realty Trust (NYSE: NPR). The transaction is expected to close in late January 1993, with a purchase price in excess of $30 million cash.
 Factory Merchants acquired the first phase of the facility from a lender in 1987. A second phase was added immediately, and a third phase is now in the final stage of construction, bringing the total size to 328,000 square feet. The mall is fully leased, with a waiting list.
 Angeles President Joseph Cattivera said, "the Osage mall is one of the premiere facilities in the industry. As a mature property, however, the timing for us to sell is opportune. With less than $10 million of unaffiliated debt, the sale produces substantial cash to ensure the completion of other Factory Merchants efforts. These include the expansion of our Barstow, Calif., and Branson, Mo., malls by more than 100,000 square feet each."
 Angeles' affiliate, Angeles Participating Mortgage Trust (AMEX: APT) holds a $14.9 million participating mortgage on phases I and II of the Osage Beach mall. This loan includes participation in the mall's appreciation, which is expected to approximate $1.0 million. Sales proceeds received by the trust will be available for investment in other Factory Merchants Malls projects.
 Cattivera stated that profits to Angeles cannot be determined, pending final construction and new tenant move-in costs on phase III of the mall.
 Factory Merchants Malls Inc. continues to own and or manage five outlet malls with more than 900,000 existing square feet and more than 240,000 square feet being added. Negotiations should be completed in the first quarter adding three other outlet malls to the company's management.
 -0- 1/4/93
 /CONTACT: Steve Leach of Angeles, 310-284-3598/
 (ANG NPR APT)


CO: Angeles Corp.; Factory Merchants Malls Inc.; New Plan Realty
 Trust; Angeles Participating Mortgage Trust ST: California, Missouri IN: REA SU:


BP -- LA011 -- 1266 01/04/93 11:09 EST
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Publication:PR Newswire
Date:Jan 4, 1993
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