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BRE Dabbles in Venture Investing

SAN FRANCISCO-It's paying off for shareholders, who will have stock in a brand new company that's got stock in a startup of its own.

By Bob Bewster | Updated on August 01, 2000

BRE Properties Inc. has an itch for the Internet, one that has earned its shareholders a new company.

Later this month, the multifamily real estate investment trust will spin off and take public VelocityHSI Inc., a division it formed to provide Internet services and invest in Corrigo Inc., an area startup with software for creating a Web-based maintenance program.

BRE will distribute one share of VelocityHSI stock for every five shares of BRE stock held by BRE shareholders. The company expects to complete its Securities and Exchange Commission (SEC) registration and make the distribution on Aug. 15.

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