BRE Properties' 4.0 million common stock offering prices at $24.50 per share

Business Wire, May 9, 1997

SAN FRANCISCO--(BUSINESS WIRE)--May 9, 1997--BRE Properties Inc. (NYSE:BRE), today announced the pricing of a public offering of 4.0 million shares of its common stock at $24.50 per share.

Of the 4.0 million shares offered, 3.35 million are being sold by the company and 650,000 shares are being sold by a non-management shareholder of the company. In addition, BRE has granted the underwriters an option to purchase up to 600,000 additional shares.

The offering was lead managed by Morgan Stanley & Co. Inc. and included Alex. Brown & Sons Inc., Merrill Lynch & Co. and Prudential Securities Inc. as co-managers. The company intends to use the net proceeds of the offering to repay borrowings under its revolving lines of credit.

BRE Properties Inc., headquartered in San Francisco, is a self-administered, self-managed and fully integrated real estate investment trust (REIT) focusing on the ownership and management of multifamily properties in the Western United States.

BRE owns and operates 55 apartment communities totaling 13,015 units in nine major markets in California, Arizona, Washington, Oregon and Nevada.

CONTACT: BRE Properties Inc.

Frank C. McDowell, Jay W. Pauly, LeRoy E. Carlson,

or Lauren L. Barr, 415/445-6530