| |||||||||
This excerpt taken from the MPG 8-K filed Jun 16, 2008. Orange County Asset Disposition Program The Company has identified strategic near-term opportunities to reduce debt, eliminate debt service obligations and increase Funds from Operations by disposing of certain of its assets in Orange County, California. Proceeds will be used to pay down debt and for other general corporate purposes. Specifically, it has engaged Eastdil Secured to commence the marketing of Park Place, a 105-acre real estate campus that is expected to be fully developed over the next five to seven years. The mixed-use property is located in Irvine, California, adjacent to the San Diego 405 Freeway at Jamboree Road and Michelson Drive in the commercial center of Orange County. Active discussions have also been renewed or commenced with interested buyers for certain of the Company’s other Orange County properties. |
