Printer Friendly

SCHNITZER/MARTIN ANNOUNCE AGREEMENT REGARDING TENDER OFFER FOR LINCOLN R.E.I.T. SHARES

 PALO ALTO, Calif., May 24 /PRNewswire/ -- The Schnitzer Trust Partners of Portland, Ore., the Martin Trust Partners of San Francisco, and Lincoln N.C. Realty Fund Inc. (AMEX: LRF) have announced their signing of an agreement providing for Schnitzer/Martin to effect a tender offer for up to 66.5 percent of the outstanding shares of Lincoln, at a purchase price of $4.90 per share. Lincoln has recently been trading between $4.00 and $4.50 per share. Schnitzer/Martin intend to commence the tender offer as soon as practicable. The tender offer is conditioned upon at least 60 percent of the outstanding shares of Lincoln being validly tendered and not withdrawn prior to the expiration of the offer and upon certain other terms and conditions.
 Lincoln is a real estate investment trust which was founded in 1985, and has owned a diverse portfolio of properties in the Western United States. The trust currently owns only one industrial property which is being offered for sale. Bill Garlock, president of the trust, said, "We are pleased to announce the agreement with Schnitzer/Martin. Our original plans had been to liquidate the trust, but this offer will provide several additional benefits to our shareholders including a better price, quicker terms and less costs for the shareholders who tender their shares."
 Ken Novack, managing partner of the Schnitzer Trust Partners, agreed, "We believe our offer will provide the existing shareholders the opportunity to receive a premium price for their shares and not bear the costs and liabilities of liquidation."
 Schnitzer/Martin have yet to finalize their plans for the trust. David Martin, managing partner of Martin Trust Partners, pointed out, "We see the real estate market moving toward securitization and we want to be a part of that move. This vehicle opens opportunities that would otherwise not exist."
 Schnitzer/Martin and Lincoln hope to have the deal finalized within 30 days.
 -0- 5/24/93
 /CONTACT: William Garlock of Lincoln N.C. Realty Fund, 415-329-8867/
 (LRF)


CO: Lincoln N.C. Realty Fund; Schnitzer/Martin Partners; Martin Trust
 Partners ST: California, Oregon IN: SU: OFR


TM-TB -- SJ005 -- 1757 05/24/93 13:54 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 24, 1993
Words:361
Previous Article:SFFED RELEASES APRIL CONSOLIDATED FINANCIAL HIGHLIGHTS
Next Article:CARAUSTAR INDUSTRIES' SUBSIDIARY ACQUIRES ARIZONA TUBE & CORE, INC.
Topics:


Related Articles
THE PRICE REIT INC. FILES PUBLIC OFFERING OF 4,300,000 SHARES OF SERIES B COMMON STOCK
LINCOLN N.C. REALTY FUND TENDER ANNOUNCEMENT
LINCOLN N.C. REALTY TENDER OFFER
BLACK BEAR REALTY, LTD. TERMINATES CASH TENDER OFFER FOR CAPITAL SHARES OF PRUDENTIAL REALTY TRUST
MHC Responds To Chateau/ROC Announcement
Aegis Realty, Inc. Responds to Tender Offer for Units of Summit Insured Equity L.P.
Capital Automotive REIT Closes Initial $65 Million in Acquisitions from ARTA Transaction.
REIT sells $1.7b portfolio.
Tender Offer and Consent Solicitation Announced for Capital Automotive REIT's 6.75% Monthly Income Notes Due 2019.
Clifford Chance advises Hypo on Quandra buy.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters