Search
 

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.