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CHEVRON ENTERS INTO EXCLUSIVE NEGOTIATIONS AS PART OF EXIT FROM REAL ESTATE DEVELOPMENT BUSINESS; TAKES CHARGE AGAINST THIRD QUARTER EARNINGS
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PR Newswire
- Article date:
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October 20, 1995
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Copyright informationCOPYRIGHT 1995 PR Newswire Association, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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(NYSE: CHV) today announced it has entered into exclusive negotiations with a bidding group for the sale of 18,000 acres of land for residential and commercial development, and 1.7 million square feet of income-producing properties. All of the properties are located in California.
The sale is part of Chevron's plan to exit the real estate development business and is consistent with the company's ongoing strategy to focus more on its core oil, gas and chemicals businesses.
The bidding group consists of an affiliate of Morgan Stanley Real Estate Fund II, L.P., and Paclaco, Inc., a California corporation whose real estate investments in Southern California are conducted by ...
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