Arizona Land name would change in proposed deal
Tuesday October 3, 5:37 pm ET
Arizona Land Income Corp., a real estate investment trust, Tuesday announced a deal to acquire the West Coast office portfolio of The Shidler Group. The Phoenix company also would reincorporate under the name Pacific Office Properties Trust Inc.
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The Shidler Group is a national real estate investment firm. The deal includes 10 West Coast properties in Honolulu, San Diego and Phoenix.
The board Arizona Land Income Corp. (AMEX:AZL - News) also approved an agreement for an affiliate of The Shidler Group to manage the Phoenix company. Shareholders also must approve the transaction, which is expected to close in January 2007. Financial details were not released.
"We believe that this transaction is in the best interests of our shareholders, and is superior to the various other strategic opportunities that we have considered over the past several years," said Thomas Hislop, chief executive and chairman of Arizona Land. "The transaction announced today is the culmination of an exhaustive process that our company and its advisers have conducted during the past two years, and the benefits to our shareholders, both immediate and long-term, represent an exciting end product of our search for strategic alternatives."
Published October 3, 2006 by The Business Journal
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