Vista-based Pan Pacific purchased the stock for $20.85 per share. The transaction was financed through a draw under the company's unsecured line of credit. As of Jan. 4, the closing price of Pan Pacific's common stock was $22.56.
In a separate press release, Revenue Properties announced that it had also sold, in another transaction, 1.8 million shares of its Pan Pacific stock to a US institutional investor.
"We are pleased to complete the purchase from Revenue Properties," says Stuart Tanz, president/CEO of Pan Pacific. "We expect the transaction will be accretive to our earnings. The shares were purchased at what we believe is a discount to our net asset value.
The transaction, together with Revenue's sale of an additional 1.8 million shares, further diversifies Pan Pacific's shareholder base and reduces Revenue's ownership of the Vista-based company to about 26%, Tanz says.
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