Pan Pacific, Western Property Shareholders Approve Merger

EMERYVILLE, CA-At Pan Pacific Retail Properties headquarters yesterday, 89% of the shares voted and 99% were in favor of the merger. At Western Property Trust headquarters, 71% of Western's stock was represented, and 95% voted in favor.

By Raymond J. Aguilera | Updated on November 10, 2000

EMERYVILLE, CA-San Diego-based Pan Pacific Retail Properties Inc. acquisition of Emeryville-based Western Properties Trust received overwhelming shareholder approval on Thursday. The vote ensures that Pan Pacific becomes the largest West Coast shopping center REIT, with a total portfolio of 15 million sf of rentable space.

At Pan Pacific’s meeting yesterday, nearly 89 percent of the shares were represented, with 99 percent of the votes coming in favor of the merger. Western’s stockholders voted 95 percent in favor of the merger, with 71 percent of the shares voted.

The merger is expected to close by November 15th. Pan Pacific will then have a portfolio of 111 properties, with occupancy rates in the high 90′s. The combined company’s headquarters will remain in San Diego.

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