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CALIFORNIA | REAL ESTATE | THE STATE

Arden to Sell Stock to Finance Purchases

June 27, 1997|(Bloomberg News)

Arden Realty Group Inc. said it plans to raise about $260 million by selling stock to finance the purchase of Southern California office buildings and to repay debt. The Beverly Hills-based company filed with the Securities and Exchange Commission to sell 10 million shares, increasing its total shares outstanding to about 32 million. The purchase will increase Arden's holdings of Southern California office properties to 54 buildings with 8.65 million square feet of space, an increase of about 17%. "The company believes that the limited construction of new office properties in the Southern California region since 1992, coupled with an improving strong economy, will continue to result in increased demand for office space," Arden said in the SEC filing. Arden's shares fell 56.25 cents to close at $26 on the NYSE.

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