"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.
Another six industrial properties are valued at $80.3 million, or $73 million after debt, fees and price adjustments--part of the originalagreement has been delayed for remediation or further review.
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