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Pan Pacific Acquiring Center Trust for $600M

SAN DIEGO, CA-The deal, which is being structured as a tax-free merger, is scheduled to close in the first quarter of 2003. After the transaction is completed, Pan Pacific will own 138 shopping centers diversified across the West Coast, encompassing 19.4 million sf, with a total market capitalization of approximately $2.3 billion.

By Erin Cassin | Updated on November 06, 2002

SAN DIEGO, CA-Pan Pacific Retail Properties has agreed to acquire Center Trust in a transaction valued at $600 million, which is expected to greatly increase the company’s presence in Southern California, as well as solidify its leadership position among shopping center REITS on the West Coast.

After the transaction is completed, Pan Pacific will own 138 shopping centers diversified across the West Coast, encompassing 19.4 million sf, with a total market capitalization of approximately $2.3 billion. This includes an equity market capitalization of approximately $1.4 billion, based on Pan Pacific’s closing price as of November 5, 2002. Pan Pacific’s share base will grow 18% from 34.7 million shares to 41.1 million shares as a result of the merger, which is also expected to increase the company’s FFO per share by 10% in 2003, according to Stuart A. Tanz, Pan Pacific’s president and CEO.

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