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NEWPORT BEACH, CA-Pacific Gulf Properties Inc. has announced the completion of its merger with FountainGlen Properties LLC. Newport Beach-based Pacific Gulf had been selling off properties for months, as shareholders voted in November 2000 to liquidate the REIT’s assets.

Now that the merger has occurred, Pacific Gulf common stock will no longer trade, as it has been delisted from the New York Stock Exchange. According to the Pacific Gulf announcement, each share of common stock has been converted into the right to receive $3.1251 in cash.

In addition, beneficial interests in the Pacific Gulf Properties Liquidating Trust have been distributed to all Pacific Gulf shareholders of record as of August 23, 2001. Each shareholder has received an interest that is proportional to the amount of common stock held when compared to Pacific Gulf’s outstanding shares of common stock.

Pacific Gulf was incorporated in August 1993 in Maryland and completed its initial publics offering in February 1994.

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