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Special Shareholder's Meeting Set to Liquidate REIT

ORANGE COUNTY, CA--A final proxy has been filed on behalf of Pacific Gulf Properties Inc. of Newport Beach for a Nov. 9 special meeting of shareholders to discuss liquidation of the REIT's remaining

By Joel Cone | Updated on October 26, 2000

ORANGE COUNTY, CA–Plans to liquidate the remainder of Pacific Gulf Properties, Inc., (PAG) portfolio have been finalized. The Newport Beach-based real estate investment trust filed a final proxy on October 19, setting November 9 as the date of a special shareholders meeting to approve proposals to sell the REIT’s industrial portfolio,liquidate the remainder of its assets, and distribute the proceeds in cash to shareholders. Shareholders of record on Oct. 13 may vote at the meeting.

“Basically, if you look at where stock has beentrading until now and the assets were around $28-$29 a share, the company decided to realize the value of the assets. Most of Wall Street thought it was good for the investors so they looked upon it positively,” said Bear Stearns analyst Ross L. Smotrich.

The buyer, CalWest Industrial Properties has complete due diligence on at least 66 of PAG’s industrial properties totaling 13.6 million sf, which are expected to be part of the final sale, according to an October 23 liquidation report from Bear Stearns. Price for those properties is estimated to be $847.5 million or about $526 million after debt, fees and other price adjustments are made.

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