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GMS Ends Pact to Buy Burnham Properties

October 19, 2000|Bloomberg News

GMS Realty terminated an agreement to purchase 19 properties from retail real estate company Burnham Pacific Properties Inc. for $305 million. "The numbers just didn't quite work out for us," said William Gerrity, president of Carlsbad-based GMS. The agreement with GMS was one of three entered by Burnham to liquidate the company. It still has a liquidation services agreement with DDR Real Estate Services Inc. and a purchase and sale agreement with Prudential Insurance Co. of America. San Diego-based Burnham, a real estate investment trust, is one of the largest owners of strip malls on the West Coast. Burnham's board approved liquidation in August after deciding acquisition bids weren't high enough. The proceeds will be used to repay debt and the remaining cash distributed to shareholders. Burnham shares fell 19 cents to close at $5.50 on the New York Stock Exchange.

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