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Pacific Gulf Sets Liquidation Vote

ORANGE COUNTY, CA-The REIT, which has already shed many of its assets, will hold a special shareholders meeting Nov. 9 to decide if the last of its properties should be sold and the company go out of business.

By David W. Myers | Updated on October 09, 2000

ORANGE COUNTY, CA-Pacific Gulf Properties Inc., the Newport Beach-based REIT that has slowly been shedding many of its assets, has set a special shareholder meeting for Nov. 9 to vote on selling the company’s remaining properties and officially liquidate.

In some ways, the move reflects the still-sluggish market for shares of some real estate investment trusts, analysts say. Though the REIT market has recently strengthened, many still sell for far less than the underlying value of the properties in their portfolios.

To build shareholder value, Pacific Gulf began selling many of its assets to individual buyers earlier this year. In June, it announced plans to sell its industrial holdings for $929 million to California-based CalWest Industrial Properties. It also agreed to sell one-third of its apartment holdings for $93 million to three buyers in August.

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