SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
JUNE 30, 1998
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Date of report (Date of earliest
event reported)
WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
(Exact name of registrant as specified in its charter)
MARYLAND 0-23911 52-2081138
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(State or other Commission File Number (I.R.S. Employer
jurisdiction of Identification Number)
incorporation)
1776 SW MADISON STREET, PORTLAND, OR 97205
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(Address of principal executive offices) (Zip Code)
(503) 223-5600
Registrant's telephone number, including area code
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On June 30, 1998, Wilshire Real Estate Investment Trust Inc. (the
"Company") acquired Warner Estates, a 227,525 square foot multi-tenant
commercial property portfolio, including 93,267 square feet of retail space,
comprised of twenty-one (21) commercial properties located in the United
Kingdom. The purchase price was approximately (Pounds)13.7 million
(approximately US $24.1 million at exchange rates in effect on June 30, 1998).
The source of the funds used for the acquisition was an $18.8 million mortgage
loan from Barclays Bank PLC and available cash. The properties were acquired
from Lancaster Holdings Limited, Lotkeep Limited, Fordhare Limited, Cardiff &
Provincial Properties Limited, Vere Street Investments Limited, Warvale Limited
and Warner Estate, Limited (collectively, the "Sellers"), each a third party
unaffiliated with the Company. The purchase price was determined through arms
length negotiations between the Company and the Sellers. The Company intends to
continue to use the buildings within the complex as commercial rental
properties.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) As of the date of this Form 8-K, the financial statements relating to the
assets acquired are not available, but will be filed by the Company on Form
8-K as soon as practicable.
(b) As of the date of this Form 8-K, the pro forma financial information
relating to the assets acquired is not available, but will be filed by the
Company on Form 8- K as soon as practicable.
(c) Exhibits.
2.1 Sale contract, between Warner Estate, Limited (et al) and Myrtle
Properties Limited (name subsequently changed to WREP Island
Limited), dated June 30, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WILSHIRE REAL ESTATE
INVESTMENT TRUST INC.
Date: September 29, 1998 By: /s/ Chris Tassos
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Chris Tassos
Executive Vice President and
Chief Financial Officer
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