Vegas mall owner expanding in Southern California

Wednesday, Nov. 6, 2002 | 9:25 a.m.

SAN DIEGO -- Pan Pacific Retail Properties Inc., a big owner of shopping centers in Las Vegas, said today it agreed to buy rival California shopping center owner Center Trust Inc. for $600 million in stock and assumed debt. The purchase ends a money-losing investment in Center Trust by its largest shareholder, investment bank Lazard LLC.

San Diego-based Pan Pacific will issue 0.218 a share of its stock for each share of Center Trust. That values Center Trust shares at $7.46, or $219 million, a 31 percent premium to their closing price yesterday. The price also includes the assumption or retirement of $364 million of debt and transactions costs.

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