BRE Prices Stock Offering

BRE Properties, San Francisco, has announced an offering of three million shares of common stock at $33.80 per share, and said it expects to net approximately $97.953 million from the offering.The multifamily real estate investment trust said it will use the proceeds for various general corporate purposes that may include the repayment of debt, redemption of equity securities, funding for development activities, and financing of acquisitions. BRE has entered into agreements to buy two Southern California apartment communities with 838 units at an estimated purchase price of $85 million. The offering is being underwritten by Wachovia Securities, which also has an option to purchase an additional 450,000 shares to cover any overallotments, BRE said. The REIT can be found online at http://www.breproperties.com.