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RADNOR CORPORATION TO SELL SEVEN OFFICE PROJECTS TO MURDOCK UNIT

 PHILADELPHIA, June 21 /PRNewswire/ -- Sun Company, Inc. (NYSE: SUN) announced today that its real estate unit, Radnor Corporation, has signed an agreement for the sale of a major portion of its office building portfolio to David H. Murdock's Atlantic American Properties, Inc.
 The sale, expected to close not later than Oct. 15, is valued in excess of $200 million. It includes seven office projects with 16 buildings totalling some 2.2 million square feet of space, located in four states.
 "This is another important step in the orderly disposition of Radnor Corporation's real estate holdings," said Robert H. Campbell, Sun's chairman and CEO. "We are particularly pleased to make this sale to David Murdock's organization so that Radnor's many tenants, including Sun Company at Ten Penn Center in Philadelphia, may continue to enjoy the benefits of the quality, stable ownership that Radnor Corporation has provided over the years."
 The projects are:
 -- Ten Penn Center (Philadelphia)
 -- Radnor Corporate Center (Radnor, Pa.)
 -- Plymouth Meeting Executive Campus (Plymouth Meeting, Pa.)
 -- Landmark Center (Raleigh, N.C.)
 -- Six Forks (Raleigh, N.C.)
 -- Premier Plaza (Atlanta)
 -- Regents Center (Tempe, Ariz.)
 Campbell said that proceeds of the sale would be used primarily to reduce the debt of Radnor Corporation and that the transaction would not have an impact on Sun's current net income. "Radnor Corporation will continue to sell its real estate assets in a planned and orderly fashion," Campbell said. "Further property sales are anticipated throughout the remainder of 1993."
 He added that, with this sale completed, Radnor Corporation will have divested approximately $450 million of commercial assets since initiating its disposition strategy in October 1991.
 /delval/
 -0- 6/21/93
 /CONTACT: Bud Davis of Sun Co. 215-977-3485, or Lynne Scott Safrit of Atlantic American, 704-938-5161/
 (SUN)


CO: Sun Company Incorporated; Radnor Corporation; Atlantic American
 Properties, Inc. ST: Pennsylvania IN: OIL SU: RLE


MJ -- PH006 -- 3974 06/21/93 10:20 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
Words:316
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