Locally based Pan Pacific wants to buy Emeryville-based Western Properties Trust. The $440-million deal would make Pan Pacific the West Coast's largest neighborhood shopping center REIT.
The stock-for-stock deal, already approved by both companies' boards of directors, boosts San Diego-based Pan Pacific's portfolio by 83%, from 60 properties to 110. Once closed, the deal should also boost Pan Pacific's bottom line in 2001, the company says.
The company, which owns shopping centers anchored by the likes of Albertson¹s and Wal-Mart, says it will raise its quarterly dividend to 45.5 cents from the current 42 cents per share.
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